Crypto strategist Michaël van de Poppe is outlining a potential path for Bitcoin (BTC) that he believes would lay the groundwork for the next phase of the bull market.
The analyst tells his 777,600 followers on the social media platform X that bearish sentiment for crypto is at a high, suggesting that the bottom for the current market correction is close.
[adinserter block="1"]According to the trader, Bitcoin’s latest move below $90,000 is designed to tap resting buy orders before igniting the next leg up.
“Bitcoin needs to take all the liquidity.
That’s what we’re currently doing.
Ultimate bottom case? $83,000-87,000.
Then we should be rotating upwards.
The current sentiment is extremely peaking to the downside, so that’s likely the case.”
On Monday, Bitcoin plunged to a three-month low of $86,141, triggering a $1.58 billion liquidation event.
At time of writing, Bitcoin is trading for $88,118.
Turning to the altcoin market, Van de Poppe says he’s keeping an eye on the TOTAL3 chart, an alt index that tracks the market cap of all crypto assets excluding Bitcoin, Ethereum (ETH) and stablecoins.
Van de Poppe says he will remain bullish on the altcoin market as long as TOTAL3 stays above a key support level.
“The altcoin market capitalization looks good for continuation upwards.
If it stays above $750 billion, we can continue moving toward the next impulse.”
At time of writing, TOTAL3 is trading at $816.26 billion.
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