Popular Crypto Analyst: Chasing Bitcoin Rallies on News Hype Not A Good Strategy

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Top crypto trader and analyst Michaël van de Poppe is bearish on the outlook for bitcoin, warning followers they should stop chasing rallies generated by news events. 

In a YouTube update titled “Bitcoin Price Drops Heavily: What’s Next?!”, Van de Poppe told his followers to avoid pursuing an investment strategy that relied upon bitcoin’s sporadic price rallies.

In the update, first spotted by Daily Hodl, Van de Poppe criticized the recent media hype surrounding Elon Musk’s endorsement of bitcoin, calling its influence on the market a poor investment strategy. 

He said, 

Adjusting your portfolio towards what Elon Musk is saying or to whatever people are saying or to anything that you see because of what happened, and I know that it’s in the Dutch newspapers as well, is not the strategy. You should be defining your entries based on historical price movements.

Van de Poppe predicted bitcoin would slip below $30,000 over the coming month, with a pullback to $25k likely before resuming another bull run. 

He continued, 

In the short-term, I’m still expecting a correction to occur… We saw this big breakout towards $38,000. However, we are also not holding $34,500. In the higher timeframe view, we are not shifting at all.

The popular market analyst called a correction for bitcoin “very healthy” and organic for the investment landscape while predicting BTC’s price could make another rally in March

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Malaysia Pair Face Caning for Alleged $37K Bitcoin Fraud

Two Malaysians accused of running a scam involving bitcoin could soon face physical punishment as dictated under the country’s stiff penal code.

According to a report by the Malay Mail on Tuesday, Reduan Ismail and Adan Ibrahim are alleged to have defrauded three women of more than 150,000 Malaysian ringgits (around $37,000). If convicted the pair face a maximum of 10 years in prison, caning and fines.

Touting their purported bitcoin investment scheme “Actionmode,” it is alleged the pair met with one of the women on May 8, 2020, and two others on July 26 promising a 20% return on investment continuously over a seven-month period.

The two men, who both run other businesses, allegedly persuaded the women to invest in bitcoin when they otherwise may not have during their meetups at Hotel Casuarina Meru in Ipoh, Perak.

According to the lawyers representing Ismail and Ibrahim, the pair’s business accounts have been frozen under the country’s Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.

Bail has been set at 2,500 Malaysian ringgits ($618) for each charge, while the court is expected to hear the case on March 9, according to the report.

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