Bitcoin price has crashed by over 20% from its all-time high of $109,114, recorded on January 20, 2025. After briefly reaching $82,131 in the last few hours, BTC is changing hands for $85,829, meaning it has lost roughly $23,000 from its ATH price.
As expected, several leading altcoins, such as Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), and Cardano (ADA), have also seen notable declines in recent days, with all experiencing double-digit losses.
For instance, Solana has plunged over 52% from its peak of $294.33, which it hit just a month ago, and is now trading at $140. These declines have also impacted the total crypto market capitalization, now standing at $2.84 trillion, a decrease of 2.63% in the past day.
But even as the crypto market has been bearish, crypto analyst Michaël van de Poppe predicts that “the party is about to start.”
Analyst Urges Patience as Bitcoin Price Faces Steep Correction
Amid the 20% Bitcoin price correction, which has left traders in a state of panic, crypto trader Michaël van de Poppe has reassured traders that corrections are normal stages in market cycles and do not signal that Bitcoin’s long-term uptrend is coming to a close.
Corrections tend to occur after intense rallies as the market readjusts before possibly another upside leg.
Van de Poppe believes the recent fear-driven sell-off might be a blessing in disguise instead of something to fear. Previously, Bitcoin has recovered from similar dips, and a new era of growth may be on the horizon.
His statement, “The party is about to start,” hints at a potential rebound once selling pressure eases and confidence returns.
The Bull Is Close
Interestingly, Michaël van de Poppe also suggests that Bitcoin price is potentially nearing a market bottom according to its Relative Strength Index (RSI).
He observes that Bitcoin’s present RSI readings have only occurred a few times in the past three years—during major market downturns like the LUNA crash in June 2022, the FTX collapse in November 2022, and the August 2023 correction. In all these cases, Bitcoin rebounded strongly after reaching extreme RSI lows.
Van de Poppe points out that the current Bitcoin market conditions are similar to past times when prices hit their lowest points. Currently, there is significant fear, and the market is oversold, conditions that often lead to substantial price recoveries.
History will likely repeat itself if Bitcoin’s price experiences a reversal to bullishness soon, as traders begin buying at bargain prices.
He said, “The bottom is close. The bull is close,” highlighting that selling pressure is also decreasing and paving the way for the market to turn around.
READ MORE: Litecoin Price Prediction: Is LTC On the Verge of a Parabolic Move?
