Cryptocurrency expert Michaël van de Poppe is mapping out a potential trajectory for Bitcoin (BTC) that he believes will set the stage for the next phase of the bull market. Van de Poppe, who is followed by over 777,600 individuals on X, highlights that there is a prevailing bearish sentiment in the crypto space, indicating that the bottom for the current market correction could be near.
Van de Poppe suggests that Bitcoin’s recent drop below $90,000 is a strategic move to trigger resting buy orders before initiating the next upward movement. He emphasizes the importance of Bitcoin capturing all available liquidity to fuel the next leg up. The analyst speculates that the ultimate bottom for Bitcoin could range between $83,000 to $87,000, following which the price is expected to start trending upwards. Van de Poppe notes that the current market sentiment is heavily skewed towards the downside, supporting the likelihood of a rebound.
Recently, Bitcoin experienced a significant drop to a three-month low of $86,141, resulting in a $1.58 billion liquidation event. As of the time of writing, Bitcoin is trading at $88,118.
Shifting focus to the altcoin market, Van de Poppe directs attention to the TOTAL3 chart, which monitors the market capitalization of all cryptocurrencies excluding Bitcoin, Ethereum (ETH), and stablecoins. Van de Poppe indicates that he remains optimistic about the altcoin market as long as TOTAL3 maintains its position above a crucial support level. The analyst expresses confidence in the potential for further upside movement in the altcoin market, particularly if TOTAL3 sustains its value above $750 billion.
As of the latest update, TOTAL3 is valued at $816.26 billion, indicating a positive outlook for altcoins in the market.
In conclusion, Van de Poppe’s insights shed light on the current state of the cryptocurrency market, with a focus on Bitcoin and altcoins. His analysis provides valuable guidance for investors and traders looking to navigate the volatile landscape of digital assets. Stay informed and stay tuned for more updates on the cryptocurrency market.
(Photo Source: Michaël van de Poppe/X)
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