Bitcoin (BTC) is currently navigating a challenging phase after encountering a resistance level at the $70,000 mark earlier this week. This has not deterred institutional investors, who are strategically utilizing this dip to their advantage. U.S. spot exchange-traded funds (ETFs) have witnessed a significant influx of $297 million as investors seize this opportunity. As the market lacks major catalysts at the moment, we can anticipate some volatile price movements in the coming days. Stay prepared for a turbulent ride!
Insights from Michaël Van de Poppe
Renowned crypto analyst Michaël Van de Poppe has shared his insights on Bitcoin’s current price trajectory. While Bitcoin hasn’t reached the heights he initially anticipated, it is presently in a consolidation phase. This stage is crucial as it presents traders with a chance to fine-tune their Bitcoin price prediction strategies.
Bitcoin Price Predictions by Van de Poppe
Van de Poppe predicts that Bitcoin may dip toward the $64,000 to $65,000 range. He describes this range as the “ultimate buy-the-dip opportunity,” suggesting it could be an optimal entry point for investors looking to leverage Bitcoin’s next upward movement.
Analyzing Bitcoin Market Sentiment
To delve deeper into Bitcoin’s current market scenario, we can look at the Santiment Network Realized Profit/Loss (NPL) indicator. This tool provides insights into Bitcoin’s recent price fluctuations by measuring daily network-level return on investment (ROI) based on on-chain transaction volume. A surge in NPL indicates that holders are selling at substantial profits, while significant drops often reflect losses due to panic selling or capitulation.
Over the past weekend, Bitcoin’s NPL surged from $348.87 million to $1.64 billion, indicating a considerable number of holders capitalizing on their gains.
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- Why Crypto Market is Down Today?
A Bullish Long-Term Perspective
Despite the cautious approach in the short term, Van de Poppe remains optimistic about Bitcoin’s long-term potential. He believes this dip could mark the last major correction before Bitcoin aims for a new all-time high (ATH). According to Van de Poppe, this ATH might align with the upcoming U.S. elections or the next Federal Reserve meeting—both of which are significant events that could influence market sentiment.
When Can You Buy?
While Van de Poppe offers a positive long-term outlook for Bitcoin, he advises traders to exercise caution during this consolidation phase. Monitoring the $64,000-$65,000 range could be vital as a potential buying level before the next significant rally emerges.
What price range are you targeting to enter the market? Does it align with Van de Poppe’s insights? Share your thoughts!
