Bitcoin Bottom Out? Analyst Signal Turnaround Amid Market Slump

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,376,479,739,239	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,376,479,739,239

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	10.59	0.02%	70,141.85	70,141.84	70,141.85

Price Change

Price Change %

Current Price

Bid Price

Offer

10.59

0.02%

70,141.85

70,141.84

70,141.85

High Price	Low Price	Open Price	Prev. Close	52 Week Range
70,361.98	69,206.96	70,139.69	70,131.26	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

70,361.98

69,206.96

70,139.69

70,131.26

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	11:42:35	0.000261	70,141.85	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

11:42:35

0.000261

70,141.85

USD

Price x Volume	Volume	Base Symbol	Related Pairs
212,380,681.98	3,038.70	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

212,380,681.98

3,038.70

Bitcoin Bottom Out? Analyst Signal Turnaround Amid Market Slump

02/05/2024 1:00am

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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