Crypto analyst Michaël van de Poppe is sharing his insights on a possible trajectory for Bitcoin (BTC) that he believes could pave the way for the next bull market phase.
The expert informs his 777,600 followers on the social media platform X that the prevailing bearish sentiment in the crypto space is significant, indicating that the bottom of the current market correction may be near.
As per the trader, Bitcoin’s recent drop below $90,000 is aimed at reaching resting buy orders before sparking the next upward movement.
“Bitcoin needs to capture all the liquidity.
That’s what we’re currently working on.
Ultimate bottom scenario? $83,000-87,000.
Then we should start moving upwards.
The prevailing sentiment is heavily leaning towards the downside, so this is likely the situation.”
On Monday, Bitcoin fell to a three-month low of $86,141, resulting in a liquidation event of $1.58 billion.
Currently, Bitcoin is priced at $88,118.
Turning our attention to the altcoin market, Van de Poppe mentions that he is monitoring the TOTAL3 chart, which reflects the market cap of all cryptocurrencies excluding Bitcoin, Ethereum (ETH), and stablecoins.
Van de Poppe expresses that he will maintain a bullish outlook on the altcoin market as long as TOTAL3 remains above a critical support level.
“The altcoin market capitalization appears strong for potential upward continuation.
If it holds above $750 billion, we can keep progressing towards the next impulse.”
As of now, TOTAL3 is trading at $816.26 billion.
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