Prominent Analyst Provides Insights on Bitcoin’s Recent Value Loss
In a recent statement, cryptocurrency analyst Michaël van de Poppe shared his predictions and observations regarding Bitcoin and the overall cryptocurrency market. According to van de Poppe, the total market cap, excluding Bitcoin, has been performing well, indicating that the recent consolidation is a normal occurrence. He suggests that this could potentially lead to an upward bounce scenario.
Discussing Bitcoin dominance, van de Poppe mentioned that it may have reached its peak. He believes that the approval of Ethereum ETFs could act as a trigger for the rotation of altcoins, allowing their momentum to continue.
Furthermore, the analyst noted a bearish divergence in BTC’s dominance chart. He also pointed out that the actual mining hash rate of the Bitcoin network has decreased, with miners approaching a capitulation zone similar to the one caused by the FTX crash. Van de Poppe suggests that the decline in miners’ activity is happening at a similar pace to the FTX collapse period. Consequently, he believes that a market recovery is imminent.
Analyzing BTC’s weekly candlestick chart, van de Poppe expressed his opinion that the correction movement has mostly come to an end.
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