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Sharp Bitcoin Pullback Not Over, Predicts Crypto Analyst Michaël van de Poppe – Here’s How Low BTC May Go

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Sharp Bitcoin Pullback Not Over, Predicts Crypto Analyst Michaël van de Poppe – Here’s How Low BTC May Go


Closely followed crypto analyst and trader Michaël van de Poppe is saying that the current Bitcoin correction is likely not yet over.

In a new strategy session, Van de Poppe tells his 136,000 YouTube subscribers that BTC could drop further before the leading crypto asset can show signs of recovery.

 

“So based on the Fibonacci extension tool, the previous high, previous low, key figure and key level to watch become the area around $57,000.

So this entire range ($57,000 -$59,000) that we’ve got here is actually the area that I want to see sustained in order to keep the momentum going.”

Although Van de Poppe expects Bitcoin to continue its pullback, the crypto trader believes the largest cryptocurrency to surge between 25%-50% once BTC regains its bullish momentum.

“Right now, based on the daily time frame, we could still run all the way towards $75,000, get a slight bearish divergence and then make a slight reversal, but overall, this is what I’m looking at based on a daily time frame.

I think the next impulse wave is most likely going to bring the prices all the way back towards $90,000, as that is the next run from here also based on the recent impulse move with Fibonacci.”

Looking at Ethereum against Bitcoin (ETH/BTC), Van de Poppe wants to see the pair move above 0.066 BTC ($4,012) before taking any entries.

“If we do have a reclaim above this level [0.066 BTC], I’m going to be interested in longs. If we drop all the way back down and we get a test around 0.061 BTC ($3,709), I’m looking at a higher low to take the entry.

If that is lost, then I’m going to look at lows that are going to be taken, and I’m going to look at the next level here [0.051 BTC] ($3,101).

So right now, I’m not really interested too much yet into altcoins…The chances will be there, but Bitcoin is first taking the actual spot at this point.”

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Litecoin

Experts dissect what went wrong

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Experts dissect what went wrong



Decentralized finance protocols continue to be targeted by hackers, with Curve Finance becoming the latest platform to be compromised after a domain name system (DNS) hijacking incident.

The automated market maker warned users not to use the front end of its website on Tuesday after the incident was flagged online by a number of members of the wider cryptocurrency community.

While the exact attack mechanism is still under investigation, the consensus is that attackers managed to clone the Curve Finance website and rerouted the DNS server to the fake page. Users who attempted to make use of the platform then had their funds drained to a pool operated by the attackers.

Curve Finance managed to remedy the situation in a timely fashion, but attackers still managed to siphon what was originally estimated to be $537,000 worth of USD Coin (USDC) in the time it took to revert the hijacked domain. The platform believes its DNS server provider Iwantmyname was hacked, which allowed the subsequent events to unfold.

Cointelegraph reached out to blockchain analytics firm Elliptic to dissect how attackers managed to dupe unsuspecting Curve users. The team confirmed that a hacker had compromised Curve’s DNS, which led to malicious transactions being signed.

Related: Cross chains, beware: deBridge flags attempted phishing attack, suspects Lazarus Group

Elliptic estimates that 605,000 USDC and 6,500 Dai was stolen before Curve found and reverted the vulnerability. Utilizing its blockchain analytics tools, Elliptic then traced the stolen funds to a number of different exchanges, wallets and mixers.

The stolen funds were immediately converted to Ether (ETH) to avoid a potential USDC freeze, amounting to 363 ETH worth $615,000.

Interestingly, 27.7 ETH was laundered through the now United States Office of Foreign Assets Control-sanctioned Tornado Cash. 292 ETH was sent to the FixedFloat exchange and coin swap service. The platform managed to freeze 112 ETH and confirmed the movement of funds, according to an Elliptic spokesperson:

“We have been in contact with the exchange, which confirmed a further three addresses that the hacker withdrew funds into from the exchange (these were completed orders that FixedFloat were not able to freeze in time). These include 1 BTC address, 1 BSC Address and 1 LTC address.”

Elliptic is now monitoring these flagged addresses in addition to the original Ethereum-based addresses. A further 20 ETH was sent to a Binance hot wallet, and another 23 ETH was moved to an unknown exchange hot wallet.

Elliptic also cautioned the wider ecosystem of further incidents of this nature after identifying a listing on a darknet forum claiming to sell “fake landing pages” for hackers of compromised websites.

It is unclear whether this listing, which was discovered just a day before the Curve Finance DNS hijacking incident, was directly related, but Elliptic noted it highlights the methodologies used in these types of hacks.