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Cryptocurrency investors continue to face challenging times, with persistent negativity for almost two quarters. Concurrently, capital outflow from altcoins has increased due to Bitcoin 
$108,979 fluctuations. Prominent crypto analyst Michael Poppe recently shared a Bitcoin chart, emphasizing two critical levels. This analysis provides insights into Poppe’s forecast and current market data from IntoTheBlock.
Poppe’s Bitcoin Prediction
Renowned crypto analyst Michael Poppe provided an updated evaluation of Bitcoin at the time of writing. His analysis is crucial as it considers targets for both scenarios. The key level, highlighted by various analysts for days, remains $57,000. Poppe noted, “A retest of the significant area shows Bitcoin holding up well. This is essential. Otherwise, we need to look at <$53K or <$48K. A break above $57,000 indicates strong continuation towards $60,000-$61,000.”
Bitcoin On-Chain Data
The Global In/Out of the Money data, transforming investor average costs into spheres, reminds us of the consolidation challenges between $61,335 and $72,500. A lack of buyers at high levels could lead to increased sales by investors. The support level is at $49,795, below $56,000.
Miner reserves, which had recovered, are declining again. Over the past week, they fell by 1.08%, dropping from 1.97 million to 1.91 million BTC. These numbers are significant considering the values involved.
Despite net inflow to exchanges being positive on September 6th, it remains below the neutral level. Over a 30-day period, there was a net outflow of 9,600 BTC from exchanges.
As shown in the graph below, sales liquidity on centralized exchanges is much stronger. Sales dominate buyers in the 5% range, indicating that investors might continue to view each rise as an opportunity to sell.
As of the writing, Bitcoin is hovering at $57,600.
