Michael Van De Poppe Says Bitcoin, Ethereum And Altcoins Close To The Point Where Investors Can 'Buy The Dip'

11/17/2024 03:36

Cryptocurrency enthusiasts are closely watching as both Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) near critical buying levels, according to renowned analyst Michael van de Poppe. What Happened: Van de Poppe has identified that Bitcoin and Ethereum are approaching levels where purchasing on dips could prove beneficial. Van de Poppe stressed the significance of “dip buying” for Bitcoin, which is currently trading at $89,250. He pointed out that Bitcoin is nearing its first major point of in

Cryptocurrency enthusiasts are closely watching as both Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) near critical buying levels, according to renowned analyst Michael van de Poppe.

What Happened: Van de Poppe has identified that Bitcoin and Ethereum are approaching levels where purchasing on dips could prove beneficial.

Van de Poppe stressed the significance of “dip buying” for Bitcoin, which is currently trading at $89,250. He pointed out that Bitcoin is nearing its first major point of interest for traders.

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Meanwhile, Ethereum, priced at $3,040, is also nearing an optimal entry point.

"Dip buying, that's what we want with Bitcoin. Getting close to the first point of interest, and, in the meantime, ETH is getting close towards an optimal entry as well."

"The general plan for the upcoming period is to buy the dip."

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The analyst also highlighted opportunities in other altcoins, advising traders to watch for entry points in these digital assets in the coming weeks.

Van de Poppe’s strategy for the near future involves buying dips, with altcoins expected to see significant breakouts.

He recommended maximizing potential gains by purchasing altcoins during 20-50% dips, allowing traders to capitalize on anticipated market movements in the cryptocurrency sector.

Why It Matters: The cryptocurrency market has been experiencing fluctuations, with recent events adding complexity to the trading landscape. Earlier this week, Federal Reserve Chair Jerome Powell’s remarks dampened hopes for rate cuts, causing Bitcoin to dip below $88,000 after initially surpassing $91,000. Ethereum also saw a decline, dropping from $3,240 to $3,040.

Despite these setbacks, optimism remains. On November 15, Ark Invest's Cathie Wood projected Bitcoin’s price could reach up to $1.5 million by 2030, citing regulatory relief and growing institutional interest.

Additionally, Arthur Hayes suggested that policies under President-elect Donald Trump might weaken the dollar, boosting Bitcoin’s value.

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This article Michael Van De Poppe Says Bitcoin, Ethereum And Altcoins Close To The Point Where Investors Can 'Buy The Dip' originally appeared on Benzinga.com