Renowned market expert and Bitcoin (BTC) enthusiast Michael Van de Poppe recently took to his X-verified handle to call the attention of his over 718K followers to a critical support level price range, preventing XRP from dipping below $60K. Interestingly, the crypto expert also predicted a feasible timeline for the pioneer cryptocurrency to swing into a bullish trajectory.
Recall that in one of our most recent publications, we reported that a reputable crypto analytical platform, “IntoTheBlock,” predicted Bitcoin’s bull cycle peak, citing historical market trends. Notably, the analyses from the data analytical firm stated that BTC’s bull is anticipated around late this year and could extend till mid-2025.
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Van de Poppe Identifies Critical Support Level Preventing BTC’s Decline To $60
According to Van de Poppe, Bitcoin’s market outlook appears stagnant due to a lack of market activities and consolidation in preparation for an anticipated upswing.
Going further, the Bitcoin enthusiast spotlighted price levels between $66K and $67K as significant support levels preventing BTC’s further decline to $60K.
Potential Timeline For BTC’s Price Upswing
Projecting a feasible timeline for Bitcoin’s potential turnaround in fortune, Van de Poppe noted that June’s ending appears realistic for the token’s anticipated price breakout.
In addition, the crypto trader stated that the highlighted period for BTC’s price upswing will coincide with the same period projected for the recently approved Ethereum Exchange Traded Fund (ETF) to go live.
A boring state of mind for the markets as #Bitcoin is consolidating.
Important support level approaching where it must hold $66-67K to avoid further downwards momentum to $60K.
Ethereum ETF likely going live end of June, slow upwards momentum until then. pic.twitter.com/ZrBZzkhxpp
— Michaël van de Poppe (@CryptoMichNL) May 30, 2024
Notably, a newly published article on Crypto2Community shared a similar sentiment with Van de Poppe’s claims about the ETH spot ETF’s probable launch. According to the publication, Eric Balchunas, a senior ETF analyst at Bloomberg, speculated that the Ether-based token ETF would start trading around June ending.
Expectations From Altcoins
Speculating possible expectations from altcoins while Bitcoin continues to gather momentum, Van de Poppe stated that they will stabilize within specific price levels with no further downward pressure for declines.
Hence, most altcoins will unlikely record any significant price changes, pending the timeline projected for Bitcoin to swing into its bullish run by the market analyst.
As stated, a period of boredom is taking place for the markets.
Expecting that the sideways consolidation continues for a little bit.
Further downwards pressure for the #Altcoins seem unlikely. pic.twitter.com/sDG9NIK5K7
— Michaël van de Poppe (@CryptoMichNL) May 30, 2024
Bitcoin And Altcoins Market Actions Corroborating Van de Poppe’s Assertion
According to Bitcoin’s market readings on Coincodex, the world’s most valuable crypto asset is changing hands at about $68,0000, reflecting an insignificant upswing of about 0.14% in the past 24 hours.
In its 24-hour price statistics, BTC is changing hands between minimum and maximum prices of about $ 67,172 and $ 68,389, respectively. Considering Van de Poppe’s analysis, BTC’s 24-hour price minimum and peak price range are relatively higher than the support levels spotlighted by the crypto trader in this insight, implying that the coin is still consolidating at a reasonable support mark.
On the other hand, altcoins, especially the popular ones, are currently trading in sideways patterns with little or no significant swing in price trajectory recorded in the past 24 hours, a phenomenon that also corroborates Van de Poppe’s claims.
While prevailing situations seem to support Van de Poppe’s analysis and predictions, his analysis does not tally with IntoTheBlock’s projections highlighted earlier in this insight. How events eventually unfold would determine which of these two predictions is close to being accurate. However, on the flip side, both are forecasting a future bullish run for Bitcoin, which makes both assertions exciting insights for the coin’s enthusiasts.
Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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