Next Bitcoin ATH: Here's Key Condition for Reaching It – Top Analyst
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
In a recent tweet, cryptocurrency analyst and trader Michael van de Poppe shared his take on the current Bitcoin situation and its prospects in terms of price movements and published a chart to make his point clearer.
He named the key level that the world’s leading cryptocurrency needs to hold in order to begin moving toward new all-time highs.
Bitcoin "party time" price level
Van de Poppe, known on Crypto X as “@CryptoMichNL,” tweeted that at the moment, Bitcoin is consolidating before continuing its rise toward new all-time highs. The key level for BTC to hold, according to Van de Poppe, is $70,000. “As long as we stay above $70K, it's party time,” he wrote in his X post.
In a tweet published earlier this week, the analyst said that he believes a new all-time high is on the horizon. Poppe shared a prediction that, in November, BTC is likely to reach $80,000 and then jump to $90,000-$100,000 in December.
This week, between Monday and Tuesday, the flagship cryptocurrency demonstrated a massive price increase of 7%, soaring from $68,410 to the $73,220 zone. Since then, Bitcoin has seen a minor loss of 1.3% and is changing hands at $72,256 per coin.
Bitcoin reached the latest all-time high on March 14 at $73,750. Currently, BTC is changing hands at $72,310 – that is, just 1.93% below the ATH level. Among the reasons for the recent price surge, analysts have named record-breaking Bitcoin ETF inflows and monetary loosening measures in the U.S. and other major economies.
Yuri MolchanBlackRock Bitcoin ETF outshines rivals by reaching ATH
@spotonchain analytics account on X has spread the word about astounding inflows into spot Bitcoin ETFs on Oct. 30. The largest ones went into BlackRock’s IBIT – a whopping $872 million in a single day. This is one of the biggest inflows for this fund since it was launched in January this year.
Thus, IBIT has set a new record for the highest single-day inflow in its existence. The rest of the ETFs show tiny inflows compared to BlackRock – Fidelity reported $12.6 million, VanEck saw $4.1 million and Grayscale Mini Trust had an $8 million inflow. Invesco and Valkyrie saw smaller inflows of $7.2 and $6.1 million. Bitwise ETF faced a massive outflow of $23.9 million.
Arman Shirinyan
Dan Burgin
Alex Dovbnya