The post Bitcoin All-Time High Incoming? Van de Poppe Predicts Key Entry at $65K appeared first on Coinpedia Fintech News
Bitcoin (BTC) is feeling the heat today after hitting a wall at the $70,000 mark on Monday. But guess what? Institutional investors are loving the dip! US spot ETFs saw a whopping $297 million in fresh inflows as they swooped in. With no major catalysts on the horizon, this week could be a wild one for price actionâso buckle up!Â
Crypto analyst MichaĂ«l Van de Poppe has shared his latest thoughts on Bitcoinâs price movement, noting that while BTC hasnât surged as high as he initially predicted, itâs currently consolidatingâa key phase that could open up significant opportunities for traders.Â
#Bitcoin didn't get as high as I wanted it to be, but we are indeed consolidating.I think that $64-65K is possible. If we get there, that's an ultimate buy-the-dip opportunity.The final correction before the run towards a new ATH around the Elections / next FED meeting. pic.twitter.com/j4Y9BmK9en
â MichaĂ«l van de Poppe (@CryptoMichNL) October 22, 2024
Bitcoin Could Dip to $64,000-$65,000 Range
Van de Poppe highlighted that Bitcoin may experience a dip toward the $64,000 to $65,000 range. He described this potential dip as an âultimate buy-the-dip opportunity.â This zone, according to Van de Poppe, represents a favorable entry point for investors looking to capitalize on Bitcoinâs next move.
Analyzing technical indicators, the Santimentâs Network Realized Profit/Loss (NPL) indicator sheds light on Bitcoinâs recent price dips. The NPL measures daily network-level ROI based on on-chain transaction volume. When NPL spikes, it means holders are selling at a significant profit. Conversely, strong dips indicate losses, often pointing to panic selling or capitulation. Over the weekend, BTCâs NPL jumped from 348.87 million to 1.64 billion, signaling that many holders were cashing in their profits.
Final Correction Before a New All-Time High?
The analyst is also optimistic about Bitcoinâs long-term prospects. He believes that this potential dip could be the last significant correction before Bitcoin embarks on a run toward a new all-time high (ATH). Van de Poppe suggested that this ATH could coincide with the upcoming U.S. elections or the next Federal Reserve meeting, which are crucial events for market sentiment.
While Van de Poppeâs analysis provides a bullish outlook for Bitcoin, he urges caution in the short term, noting that the marketâs consolidation phase is crucial. Traders are advised to keep an eye on the $64,000-$65,000 range as a potential key buying level before the next major rally unfolds.
What range you are aiming at to enter the market? Does it match with Van de Poppe tell us. Â