Bitcoin Bulls See Light At The End Of The Correction As Michaël Van de Poppe Says Midterm Elections Are 'Priced In'
Bitcoin (BTC) traded near $78,000 on Monday, brushing aside the impact of the more than $6 billion Binance hack, with analysts pointing to signs the cryptocurrency's latest correction may be coming to an end. Political uncertainty also could be priced in already, analyst Michaël Van de Poppe said, with U.S. midterm elections looming and all eyes on whether Bitcoin can sustain its recent technical strength as the final two months of the year get under way.Van de Poppe, founder of MN Fund, said that the midterms were "going to be a non-event." He added that he believed "we're at the end stage of the correction," though Bitcoin "might still see another sweep of the low" in the coming weeks. Van de Poppe said his expectations for the final two months were bullish. He noted that crypto sentiment had "quickly changed into an extremely bearish outlook," but said he doesn't think that "is warranted."Resilience After The HackBitcoin's price action has backed up that view so far. Despite the Binance breach, the top cryptocurrency has held a key technical level. Galaxy Digital's Alex Thorn said that Bitcoin had closed above its 50-week moving average for a seventh straight week "despite $6b+ hack on world's biggest crypto exchange.""Great to see BTC's resilience and ability to keep the current technical market structure intact," Thorn said on X. He put Sunday's weekly close at $78,229, about 3.3% above the 50-week average of $75,728. Bitcoin regained that level on September 20, after 44 straight weekly closes below it. traded around $78,000 on Monday, up 0.3% over the past 24 hours. On Stocktwits, the retail sentiment around BTC remained in the ‘extremely bullish’ zone, while chatter around it stayed at ‘normal’ levels over the past day.The FBI said on Saturday that behind the theft from Binance, which took place on or about October 29. However, Cryptoquant analyst Axel Adler said that “Fear and Greed index fell to 30 after the Binance hack,” from the average 56 level, meaning markets are yet uncertain.Bulls See A Correction, Not A CollapseAnalyst Willy Woo pointed to Bitcoin's performance against gold. He noted that Bitcoin fell 2.9% last week while gold dropped 3.0%, even as "ETF holders dumped $643M," Woo said on X. "BTC is in a bull market.Meanwhile, crypto analyst Ted Pillows explained that Bitcoin had five drops of more than 30% during its 2019 to 21 bull run, and four drops of more than 25% in 2023 to 25. "We are only in the first correction of this bull run," he said on X.Read more: Michael Burry’s Fiserv Buyout Math Hits $120 — Reaffirms PayPal As A ‘Fat Pitch’ Amid Global Payments Deal Buzz