Renowned crypto analyst Michaël van de Poppe has outlined a potential trajectory for Bitcoin (BTC) that he believes could pave the way for the next phase of the bull market.
Van de Poppe, who has a following of 777,600 on the social media platform X, notes that bearish sentiment in the crypto space is currently high, indicating that the bottom for the ongoing market correction may be near.
He suggests that Bitcoin’s recent dip below $90,000 is strategic, aimed at triggering buy orders before initiating the next upward movement.
“Bitcoin needs to absorb all available liquidity. That’s the current strategy. The potential bottom could be in the range of $83,000 to $87,000. Following that, we could see a reversal in the trend. The prevailing sentiment is heavily bearish at the moment, supporting this scenario.”
Bitcoin recently dropped to a three-month low of $86,141, leading to a $1.58 billion liquidation event. Currently, Bitcoin is trading at $88,118.
Shifting focus to the altcoin market, Van de Poppe mentions that he is monitoring the TOTAL3 chart, which excludes Bitcoin, Ethereum (ETH), and stablecoins from its market cap calculation.
He expresses optimism about the altcoin market as long as TOTAL3 remains above a crucial support level.
Currently, TOTAL3 is valued at $816.26 billion.
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