What Will Happen to Bitcoin, Which Lost About 5 Percent Value Last Week? Proficient Analyst Elucidated
Michaël van de Poppe, a highly influential analyst in the cryptocurrency market, offered insights into Bitcoin and the overall state of the cryptocurrency market in his recent statement.
Van de Poppe highlighted that the total market capitalization, excluding Bitcoin, is performing well. He believes that the current consolidation period is to be expected and may lead to an upward bounce scenario.
Discussing Bitcoin dominance, the analyst suggested that it may have reached its peak. Consequently, van de Poppe anticipates that the approval of Ethereum ETFs could sustain the momentum of altcoins and trigger a rotation effect.
The analyst identified a divergence favoring the bears in Bitcoin’s dominance chart.
Moreover, van de Poppe mentioned a decrease in the actual mining hash rate of the Bitcoin network. Miners seem to be approaching a capitulation zone, reminiscent of the FTX crash. He pointed out that the decline in miners is unfolding at a similar pace to that of the FTX collapse.
Considering these factors, van de Poppe argues that a cryptocurrency market recovery is imminent.
Additionally, the analyst examined Bitcoin’s weekly candlestick chart and suggested that the correction movement appears to be relatively complete.
*This information should not be considered as investment advice.