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Analyst and trader Michaël van de Poppe is warning that the top two crypto assets by market cap may have deeper corrections as markets trade lower with new US data showing a rise in inflation.
Van de Poppe tells his 795,100 followers on the social media platform X that after Bitcoin (BTC) printed new all-time highs and Ethereum (ETH) surged into the $3,000 range, the digital assets will likely start trending lower based on historical precedent.
“Classic move on the markets here. Likely we’re going to be seeing some more downside on Bitcoin and Ethereum to squeeze out the longs. Remember: volatility goes up, price goes up. This means harsh corrections are around the corner.”
Looking at his chart, the analyst suggests ETH may decline to the $2,750 level before a trend reversal.
Bitcoin is trading for $116,947 at time of writing, down 5% from its all-time high of $122,838 on Monday.
Meanwhile, Ethereum is trading for $3,048 at time of writing, up 19% in the last week.
Next up, the analyst says that layer-1 blockchain SUI Network (SUI) is showing strong market fundamentals after regaining the $3 level, and he believes the digital asset has more upside potential.
“Strongest ecosystems bounce back the strongest when a market is reversing. SUI is one of them. Did held strong support at $2.35 and started to rally substantially as it broke the downtrend. Crucial breakout above $3, and it’s basically into ‘buy the dip’ territory as it will be trading upwards.”
SUI is trading for $4.01 at time of writing, up 2.4% in the last 24 hours.
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Featured Image: Shutterstock/IfH/Sol Invictus
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