Analyst: This Bitcoin crash is just the "March bear curse" and will continue to rise in the future

Yesterday, Bitcoin hit a new low, falling below the $45,000 mark. In the past two days, Bitcoin has fallen by more than 20%. However, many analysts believe that this decline is only a temporary correction and will continue to rise in the future.

Top cryptocurrency analyst Michaël van de Poppe tweeted, “We all experienced the market declines in 2018 and 2019. This is nothing. The normal price range for Bitcoin should be between $48,500 and $51,000.”

He predicts that a major market correction could occur in February and March, and he sees $47,500 as a support level, below which Bitcoin could fall to $42,000 to $44,000, an area that could present a buying opportunity.

Van de Poppe noted that even if the Bitcoin price rises back to $52,000 or even $53,000, these levels should be considered areas of resistance. He said that only a break above $55,000 will break the current downtrend.

The crypto analyst added that traders who bought at the top of the rally can use pullbacks to lower their entry price and learn more about when to enter the market, arguing that it is crucial to remain patient and wait for a pullback before entering the market.

In his words, buying on parabolic rallies could make them “the biggest buyers at the end of the next bull cycle.”

The analyst also noted that historically, March has been a poor month for the cryptocurrency space, saying that as long as Bitcoin’s price remains above $29,000, the bull run will remain intact.

Per van de Poppe, even if Bitcoin falls below its 21-week moving average in a correction, “all is well”.

Similarly, Real Vision CEO Raoul Pal said March was a historically weak month for crypto assets.

Pal welcomed Bitcoin’s recent price drop, saying he was relieved when the sell-off came.

He believes this market trend provides traders with an opportunity to switch into “buy the dip mode.”

MicroStrategy CEO Michael Saylor said in an interview with CNBC today that Bitcoin's market value will exceed $100 trillion in the future and that the cryptocurrency will become "a stabilizing influence in the entire financial system in the 21st century."

He believes that demand for Bitcoin will surge in the coming years, not only from institutions but also from retail investors.