Celebrated crypto analyst Michaël van de Poppe, followed closely by hundreds of thousands of investors, released his latest predictions on the market today. Despite the market turning upwards a few hours ago due to the ETF application news, investor appetite hasn’t yet met the expected level. Nevertheless, the leading cryptocurrency’s efforts to solidify its place above $25,500 is commendable.
Renowned Crypto Guru’s Bitcoin Commentary
Van de Poppe suggests that Bitcoin needs to see more demand and is losing supports one by one. The point of interest here is that the current outlook might indicate a deeper low.
Here we go on Bitcoin. Sweeping lower levels. Seeing the reaction in the $25,000 area arouses great interest.
Although Bitcoin dropped to as low as $24,800 after Van de Poppe’s post, it significantly recovered in the evening. The analyst’s view was that if the $24,500 area couldn’t be held, Bitcoin might want to hit a deeper low at $23,000.
Not a great morning as indices are doing really well while Bitcoin is correcting (in line with Gold). There’s a USDT peg issue so the market is tense. Still in the interest area, but we need to stay above $24,500 to prevent a gradual decline to $23,000.
Altcoin Comments
Focusing on the cumulative value of cryptocurrencies, Poppe states that the markets can’t currently stay above the $1.05 trillion mark, which is the 200-week moving average (MA) of TOTAL. The cumulative value helped to predict major corrections several times this year. If the support at $1.05 trillion isn’t held, we might face worse days than 2022. In an environment where BTC market dominance has reached 47%, no altcoin investor will want the cumulative value to drop below $1 trillion.
Cumulative value should have stayed above $1.05 trillion (i.e., 200 Week MA). This didn’t happen, so the price started to drop and we’re even rejecting this level. If any uptick is expected, it needs to be regained as soon as possible, otherwise, $800 and $950 billion will be tested.
The cumulative value approached a critical area with the BlackRock news. For the same reason, the Bitcoin price is above the $25,500 support.
