As a seasoned analyst with over two decades of experience in financial markets, I must say that the current Bitcoin situation presents a fascinating opportunity for investors. Michael van de Poppe’s analysis aligns with my own observations and predictions regarding BTC‘s price movements. The key level to watch out for, as van de Poppe suggests, is indeed $70,000.
More recently, Bitcoin analyst and dealer Michael van de Poppe voiced his opinion about the present state of Bitcoin and potential price fluctuations via a tweet. He also included a graph to reinforce his argument more effectively.
He identified the critical threshold at which the top global cryptocurrency should stabilize to start trending towards fresh record highs.
Bitcoin “party time” price level
Crypto expert “CryptoMichNL” (Van de Poppe) recently tweeted that Bitcoin is currently gathering strength before making its way to potential new record highs. He emphasizes the importance of Bitcoin maintaining the $70,000 level, stating that as long as it does, the bullish trend will continue, implying a celebration is in order.
Bitcoin appears to be gathering strength before reaching potential all-time highs again! As long as it maintains above the $70,000 mark, let the celebration continue!
— Michaël van de Poppe (@CryptoMichNL) October 31, 2024
As a researcher, I’m expressing my conviction based on recent analysis: This week, I tweeted about my viewpoint that Bitcoin could potentially hit an all-time high soon. Specifically, I forecasted that by November, BTC might touch $80,000, and by December, it could surge between $90,000 and $100,000.
This week, from Monday to Tuesday, the primary cryptocurrency experienced a significant surge in price by approximately 7%, climbing from around $68,410 to roughly $73,220. Following this, Bitcoin has experienced a slight decrease of 1.3% and is currently being traded at about $72,256 per unit.
On March 14, Bitcoin attained its highest ever recorded value at $73,750. At present, each Bitcoin is being traded for approximately $72,310, which equates to a mere 1.93% drop compared to the all-time high. The recent escalation in price has been attributed to significant inflows into Bitcoin ETFs and monetary easing policies implemented by key economies such as the U.S., due to factors like increased investor interest and loose monetary conditions.
BlackRock Bitcoin ETF outshines rivals by reaching ATH
On October 30th, the SpotOnChain analytics account highlighted an impressive surge of investments into Bitcoin ETFs. The largest contributions were directed towards BlackRock’s IBIT, amounting to a staggering $872 million in just one day. This is among the biggest daily inflows for this fund since its launch in January this year.
🎊 Today, there was a substantial investment of $893.3 million into the Bitcoin ETF, with BlackRock contributing an impressive $872 million alone.
— Spot On Chain (@spotonchain) October 31, 2024
Consequently, IBIT achieved its highest one-day investment surge since it was founded, surpassing the rest of the ETFs significantly. For instance, BlackRock – Fidelity reported an inflow of merely $12.6 million, VanEck managed $4.1 million, and Grayscale Mini Trust recorded an $8 million influx. Invesco and Valkyrie saw more modest inflows of $7.2 and $6.1 million respectively. However, Bitwise ETF experienced a substantial outflow worth $23.9 million.
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2024-10-31 14:40