Crypto strategist Michaël van de Poppe, known for his accurate market predictions, has shared his views on Bitcoin’s (BTC) price movement, focusing on the potential bottom for the current market correction. With the crypto market experiencing increased bearish sentiment, Van de Poppe believes Bitcoin is nearing a crucial turning point that could set the stage for the next phase of the bull market.
Van de Poppe, who has over 777,000 followers on social media, has been closely monitoring Bitcoin’s price action, particularly after it recently dipped below $90,000. He suggests that the latest price movements are part of a strategy to absorb liquidity and trigger the next upward trend. According to the analyst, the ultimate bottom for Bitcoin lies between the $83,000 and $87,000 range.
The Liquidity Phase
Van de Poppe emphasizes that Bitcoin’s recent price dip is designed to “take all the liquidity” from the market. By briefly pushing Bitcoin lower, the asset is tapping into resting buy orders from traders who set buy limits at these lower levels. This phase of the market is not about prolonged bearishness, but rather an opportunity to clear out weak hands and prepare for the next rally.
He further explains that with bearish sentiment at its peak, the market is likely nearing its bottom. In his view, this is the perfect moment for Bitcoin to establish a solid base before introducing into the next bullish cycle.
Van de Poppe’s outlook aligns with his previous market predictions, where he mentioned that Bitcoin’s periodic corrections are a healthy part of its upward trajectory. After filling the liquidity void at these lower levels, Bitcoin could soon make its way back toward more bullish levels, setting up for a continued rally as investors regain confidence.
Recent Bitcoin Movements
On Monday, Bitcoin dropped to a three-month low of $86,141, triggering significant liquidation events across the market. However, Van de Poppe sees this as part of the necessary market cycle. Despite the temporary drop, he remains confident that Bitcoin is in the process of reaching its ultimate bottom range and will soon pivot to the upside. At the time of writing, Bitcoin is trading around $88,118, which still suggests that it is nearing the lower end of its current price range.
Altcoins and Market Sentiment
In addition to his Bitcoin analysis, Van de Poppe has shared his thoughts on the broader cryptocurrency market, particularly the altcoin space. He is closely monitoring the TOTAL3 chart, which tracks the market cap of all cryptocurrencies except Bitcoin, Ethereum (ETH), and stablecoins. This chart is important as it provides insights into the overall health of the altcoin market, which often follows Bitcoin’s lead.
Van de Poppe remains bullish on the altcoin market, provided that the total market capitalization of altcoins stays above the key support level of $750 billion. At the time of writing, the altcoin market capitalization is trading at $816.26 billion, indicating that it remains well above this critical support. Van de Poppe believes that as long as this level holds, the altcoin market can continue its upward momentum and follow Bitcoin’s lead once the top cryptocurrency begins its rally.
Conclusion
Michaël van de Poppe’s analysis presents a clear and calculated outlook for Bitcoin and the altcoin market. By identifying the ultimate bottom for Bitcoin between $83,000 and $87,000, he offers a potential buying opportunity for investors looking to enter the market before the next phase of the bull cycle begins. With the altcoin market showing strength as long as key support levels hold, Van de Poppe’s analysis suggests that the overall cryptocurrency market may soon enter a more bullish phase, setting the stage for higher gains.
As always, Van de Poppe encourages his followers to stay informed, remain cautious, and adapt their strategies as market conditions evolve.
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