Bitcoin Bottom Out? Analyst Signal Turnaround Amid Market Slump
May 01 2024 - 8:00PM
NEWSBTC
Bitcoin has recently concluded April, marking its most significant
monthly decline. Despite the bearish momentum, leading market
analysts, including Michael van de Poppe, believe that the worst
may soon be over, suggesting that Bitcoin is nearing the end of its
current correction phase. Bitcoin At The End Of Correction? April
was challenging for Bitcoin, as its value plunged nearly 20%,
dipping below $57,000, the lowest level traded since late February.
Related Reading: Bitcoin’s Profit Crunch: Hash Price Hits Record
Low Post-Halving—What’s Next For Miners? This drop is part of an
intense market sell-off that has slashed the combined
cryptocurrency market cap by nearly 10%, bringing it down to $2.2
trillion. Amid these declines, Michael van de Poppe, a revered
figure in the crypto analysis space, provided hope. In his recent
statements on the social platform X, Van de Poppe suggested that
Bitcoin’s current price levels might be nearing the bottom of this
correction cycle. He highlighted the critical price range of
$56,000 to $58,000 as pivotal for Bitcoin’s short-term trajectory,
indicating potential areas for a rebound. #Bitcoin is at the end of
the correction. It’s already down 20% from the highs and we’ll have
some more downside to happen from here. If the correction
continues, then I think the green zones between $56-58K are
essential to watch.#Altcoins to bounce before.
pic.twitter.com/4Mu3NA1HSg — Michaël van de Poppe (@CryptoMichNL)
May 1, 2024 A Closer Look At Predictions And Market Sentiments Van
de Poppe isn’t alone in his optimistic outlook. Other analysts,
like Checkmate, an on-chain expert, have analyzed Bitcoin’s
historical data to predict future movements. Checkmate introduced
the term “chopsolidation,” describing it as a phase of stagnant yet
volatile market conditions that could precede a significant bullish
run. He expects this phase to last about six months, followed by a
potential 6 to 12 months of explosive growth reminiscent of past
cycles. Furthermore, historical data from Bitcoin’s Halving years
support the theory that after a halving event, the market tends to
perform strongly towards the end of the year. Related Reading:
Expert Makes Bold Call: It’s Time To Swap Your Dollars For Bitcoin
However, there are not all optimistic forecasts in the crypto
realm. The spot Bitcoin ETF market witnessed over $300 million in
net outflows in April, breaking a three-month streak of inflows,
reflecting a broader sentiment of caution among investors.
Moreover, Charles Edwards, founder of Capriole Investments, has
voiced concerns over the market’s extraordinary bullishness,
warning of the necessity for corrections within such a volatile
asset class. “Sell in May and go away.” This looks like
distribution to me. As long as we trade below $61.5K, scenario (1)
is technically more likely. A strong reclaim of $61.5K would give
some hopes to the bulls for scenario (2). A flush would also be
good for the sustaining continuation of… pic.twitter.com/6E3oJ1vgs3
— Charles Edwards (@caprioleio) May 1, 2024 Featured image from
Unsplash, Chart from TradingView
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