Crypto analyst Michaël van de Poppe is discussing a potential scenario for Bitcoin (BTC) that he believes sets the stage for the next phase of the bull market. In a message to his large social media following, he notes that negative sentiment in the crypto space is high, indicating that the current market correction may be nearing its bottom.
Van de Poppe suggests that Bitcoin’s recent drop below $90,000 is strategic, aiming to trigger existing buy orders before initiating the next upward movement. He emphasizes the need for Bitcoin to absorb available liquidity, indicating a possible ultimate bottom range of $83,000 to $87,000 before a shift towards an upward trend.
Despite Bitcoin hitting a three-month low of $86,141, leading to a significant $1.58 billion liquidation event, it is currently trading at $88,118. Van de Poppe is also monitoring the altcoin market, particularly the TOTAL3 chart, which excludes Bitcoin, Ethereum (ETH), and stablecoins. He expresses optimism for the altcoin market as long as TOTAL3 remains above a critical support level of $750 billion.
At the time of writing, TOTAL3 is valued at $816.26 billion. To stay informed, readers are encouraged to subscribe for email alerts and follow price action updates. It’s essential to conduct thorough research before engaging in high-risk investments in Bitcoin or cryptocurrencies.
