Bitcoin (BTC) is feeling the heat today after hitting a wall at the $70,000 mark on Monday. But guess what? Institutional investors are loving the dip! US spot ETFs saw a whopping $297 million in fresh inflows as they swooped in. With no major catalysts on the horizon, this week could be a wild one for price action—so buckle up!
Crypto analyst Michaël Van de Poppe has shared his latest thoughts on Bitcoin’s price movement, noting that while BTC hasn’t surged as high as he initially predicted, it’s currently consolidating—a key phase that could open up significant opportunities for traders.
Bitcoin Could Dip to $64,000-$65,000 Range
Van de Poppe highlighted that Bitcoin may experience a dip toward the $64,000 to $65,000 range. He described this potential dip as an “ultimate buy-the-dip opportunity.” This zone, according to Van de Poppe, represents a favorable entry point for investors looking to capitalize on Bitcoin’s next move.
Analyzing technical indicators, the Santiment’s Network Realized Profit/Loss (NPL) indicator sheds light on Bitcoin’s recent price dips. The NPL measures daily network-level ROI based on on-chain transaction volume. When NPL spikes, it means holders are selling at a significant profit. Conversely, strong dips indicate losses, often pointing to panic selling or capitulation. Over the weekend, BTC’s NPL jumped from 348.87 million to 1.64 billion, signaling that many holders were cashing in their profits.
Final Correction Before a New All-Time High?
The analyst is also optimistic about Bitcoin’s long-term prospects. He believes that this potential dip could be the last significant correction before Bitcoin embarks on a run toward a new all-time high (ATH). Van de Poppe suggested that this ATH could coincide with the upcoming U.S. elections or the next Federal Reserve meeting, which are crucial events for market sentiment.
While Van de Poppe’s analysis provides a bullish outlook for Bitcoin, he urges caution in the short term, noting that the market’s consolidation phase is crucial. Traders are advised to keep an eye on the $64,000-$65,000 range as a potential key buying level before the next major rally unfolds.
What range you are aiming at to enter the market? Does it match with Van de Poppe tell us.
