The analyst, known for his extreme optimism, is pleased with the 2 percent recovery experienced by Bitcoin on the first day of May. Moreover, he says there will be more. So what is the latest situation for Bitcoin in the ETF channel? What levels could Bitcoin test in May? Today we will look for answers to these important questions.
Poppe’s Bitcoin prediction
A permanent agreement has still not been reached with Iran, and a week has passed since Trump said “they have a few days left.” The possibility of the Iranian Foreign Minister being dismissed is being voiced by agencies in the region, and this invalidates Trump’s statement that “the regime has changed”. A definitive result on Iran is now expected in May. If the US lifts the blockade and Iran comes to the table, we may see an agreement. Otherwise, it is possible that the attacks will start again in the coming days.
to Bitcoin Coming back, Poppe was not surprised by today’s recovery due to BTC’s tendency to remain positive in the early days of the month. However, this recovery was supported by very good earnings reports while US stock markets broke records.
“The uptrend in the short-term time frame remains solid which means there is still a chance for higher prices to come in. It is quite clear that if $79K is broken, the next resistance zone is at $86-88K and this will bring back more confidence in the markets. Altcoins are in this environment from Bitcoin can perform well.”
ETF Flow and Bullish signal
According to Farside data, there was only $23.5 million inflow in the ETF channel yesterday. During the previous 3 days, we saw outflows between $ 89.7 million and $ 263.2 million. Between April 14 and April 27 BTC ETF its flow was extremely consistently positive. However, sales began to dominate due to concerns about the Fed meeting on Wednesday. This situation is related to inflation once again blocking interest rate cuts.
If you ask where the bullish signal is, it is on the MVRV chart. A steady recovery of the Real Price, MVRV stabilization and trending above 1.0 indicates a structural change. According to CryptoQuant, although this signal seen in the transition from bear to bull market raises an alarm again, it is not enough on its own.
