The critical moment for BTC is approaching, and its dominance has likely reached its peak. Such conclusions were reached by the famous crypto trader and blogger Michael van de Poppe (718 thousand subscribers in X).
An important note: the analyst wrote about the “critical moment” before today’s growth in the market, and he meant this:
“...Bitcoin still holds the minimum level in the range of $60.5-61 thousand dollars, and the next barrier to a new breakthrough to a historical maximum will be breaking the $63 thousand mark.
If the $60.5k level is lost, I think we will see a support zone in the $52-55k range.”
That is, so far, judging by today’s movements in the asset price, the price has gone up from this critical moment.
At the same time, Poppe believes that the BTC dominance index has probably already reached its peak.
In his opinion, the upcoming news about the Ethereum ETF will be a “positive push” for the market. Poppe also allowed investors to shift their attention to altcoins.
There are two interesting points in his thoughts:
1. If the dominance of BTC has really passed its high, then it can hardly be assumed that from the “critical moment” the BTC rate will now go to $52-55,000. Because it is difficult to imagine circumstances under which the BTC rate will move into this zone and its dominance will begin a global correction.
2. Poppe expects the Ethereum ETF news to be a “positive boost.” While everyone in the market, including Bloomberg ETF experts (which we personally think is important), expects that there will be no approval for an Ethereum ETF either in May or perhaps even in 2024.
