Renowned by hundreds of thousands of investors, today a prominent figure in the market has shared his latest predictions. Although the price of Bitcoin momentarily turned bullish after news of the ETF application a few hours ago, investor appetite has not yet increased to the desired level. Nonetheless, it is encouraging to see the king of cryptocurrencies attempting to solidify its position above $25,500.
Bitcoin Analysis by Crypto Guru
Michaël van de Poppe suggests that Bitcoin needs to garner more demand and highlights that it has been losing its supports one by one. The noteworthy point here is that the current outlook may indicate the possibility of a deeper bottom.
"Here we go with Bitcoin. Sweeping the lower levels. Seeing the reaction around $25,000 is of significant interest."
Following van de Poppe's post, BTC dropped to $24,800 but made a considerable recovery in the evening. The analyst's view was that if the $24,500 region cannot hold, BTC may seek a deeper bottom around $23,000.
"Not a great morning as indices are doing really well while Bitcoin is correcting (in line with Gold). Tether (USDT) peg issue, hence market is nervous. Still in the area of interest, but we need to stay above $24,500 to prevent a gradual drop towards $23,000."
Altcoin Analysis
Focusing on the cumulative value of cryptocurrencies, Poppe states that the markets are currently unable to sustain above the 200-week moving average (MA) of the Total Market Cap, which stands at $1.05 trillion. The cumulative value has helped anticipate significant corrections multiple times this year. If the support of $1.05 trillion cannot be maintained, it could lead to worse days than in 2022. In an environment where BTC dominance is around 47%, no altcoin investor would want the cumulative value to drop below $1 trillion.
"The cumulative value had to stay above $1.05 trillion (i.e., the 200-week MA). That didn't happen, so the price started to decline, even rejecting this level. If any rally is expected, it needs to be reclaimed as soon as possible; otherwise, we will test $800 billion and $950 billion."
This article is not investment advice. Anyone considering investing should do their own research and take their own risks.