Legendary Crypto Analyst Identify Key Buying Zone For Bitcoin for Massive Profits
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Prominent crypto analyst Michaël van de Poppe shared his analysis on Bitcoin’s current price movements and potential buying opportunities. As Bitcoin aims to consolidate within a specific range, van de Poppe provides a detailed outlook on what traders should expect and where they might consider making their next purchases.
Bitcoin In the Consolidation PhaseIn a recent analysis, crypto analyst Van de Poppe highlights Bitcoin’s current consolidation phase. He indicates that Bitcoin is aiming to stabilize within its existing levels, suggesting that this period of consolidation might extend for a longer duration.
#Bitcoin aims to consolidate in these levels.
Where to buy?
Losing $66K and I think we'll test range low and be buying there again.
That's the level where you'd want to get your purchases ready. pic.twitter.com/RoYYzJJnt8
With the approval of spot Ethereum ETF, the focus has shifted towards Ethereum as institutions are diverting their interest toward new players for making quick profits. Eventually, this will influence the massive rotation of inflow from Bitcoin to Ethereum, a common trend observed in the crypto market.
Key Buying LevelsMeanwhile, van de Poppe outlines specific price points that could present good buying opportunities for traders. He emphasizes that if Bitcoin loses the $66K level, it might test the range lows, making it an ideal point for purchasing.
#Bitcoin is consolidating, and it's within the range.
Probably that consolidation will be taking place for a longer period and I suspect we might see $61-63K even.
Rotation from Bitcoin to Ethereum causing a longer sideways period.
It's fine. Simply DCA. pic.twitter.com/7hb77dNEKx
Further, he suggests that the best buying zone could be below $66K, and if it breaks below this level, the next significant buying opportunity would be around $60K. Therefore he emphasizes the importance of monitoring these levels closely to determine optimal entry points for purchasing Bitcoin.
Dollar-Cost Averaging (DCA) StrategyVan de Poppe also advises traders to adopt a Dollar-Cost Averaging (DCA) strategy during this consolidation period. This approach involves regularly buying fixed amounts of Bitcoin, regardless of its price, to mitigate the impact of volatility.
As of now, Bitcoin (BTC) is currently priced at $68,678, showing a slight decrease. However, the 24-hour trading volume has surged by 20%, reaching $18 billion, this increase in trading activity highlights ongoing interest in Bitcoin, despite its minor price dip. The market cap for Bitcoin remains strong at $1.35 trillion.