An analyst and trader in the crypto space believes that Bitcoin is on the verge of making a significant move. Michaël van de Poppe, a renowned strategist, suggests that Bitcoin is at a crucial juncture where it could either hit a new all-time high or experience a major sell-off.
Van de Poppe, who has a sizable following of 718,100 on the social media platform X, emphasizes the importance of Bitcoin maintaining its immediate support level at $60,500. If it can hold this level, there’s a strong possibility of a substantial upward surge towards a new all-time high. However, if Bitcoin fails to sustain this support, Van de Poppe predicts a decline to the $52,000-$55,000 range.
Currently, Bitcoin is valued at $61,514, reflecting a nearly 2% decrease in the past 24 hours. Van de Poppe is also closely monitoring the TOTAL2 chart, which tracks the altcoin markets by measuring the total market capitalization of cryptocurrencies excluding Bitcoin and stablecoins. He believes that TOTAL2 may begin an upward trend in the next couple of weeks after a period of consolidation.
According to Van de Poppe’s analysis, TOTAL2 appears to be forming a bottom after finding support at $900 billion. At present, TOTAL2 is trading at $970 billion. The analyst notes that although sentiment towards altcoins is bearish, the charts suggest that a trend reversal may be imminent. Many altcoins are exhibiting double bottoms, indicating an increased likelihood of a rally.
Van de Poppe cautions that sentiment can change rapidly, and despite the current pessimism, traders should be prepared for a potential shift in momentum. It’s important for investors to conduct thorough research and exercise caution when making high-risk investments in Bitcoin, cryptocurrencies, or digital assets.
Note: The opinions expressed in this article are not investment advice, and readers are advised to engage in due diligence before making any financial decisions. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, and readers are responsible for their own transfers and trades.
