Michael Van de Poppe, a prominent figure in the world of cryptocurrency trading known for his insightful market analysis, emphasized the critical nature of BTC’s current struggle.
Bitcoin (BTC) analyst Michaël van de Poppe suggests potential paths for the world’s leading cryptocurrency as it grapples with significant price levels.
Taking to X, the renowned social networking platform, stated that BTC is currently engaged in a battle at crucial levels, hinting at the possibility of a further test to the downside around $27,700. At the same time, the precious metal gold continues its ascent, adding a layer of complexity to the current market dynamics.
On October 28, van de Poppe’s post went like this:
“Bitcoin fighting crucial levels. A retest around $27,700 would still be possible, while Gold is continuing the upwards run. Above $28,800 and we’ll be eager towards $30,000 in a matter of time.”
BTC’s Crucial Battle: Michaël van de Poppe’s Ideas
According to van de Poppe, consolidation may not be as damaging as some investors fear. The trader expressed his preference for a BTC consolidation period before any major move, indicating the possibility of a short-term pullback to levels around $27,600-$27,800.
As van de Poppe continued posting on X, the following explains the situation further:
“Bitcoin is not following through, and to be fair, I’d rather want to see it consolidate here for a few days before continuing. Taking out some liquidity on the long side, through which a test at $27,600-27,800 seems likely. Both $27,700 and $27,300 are long regions.”
Van de Poppe’s analysis identified both $27,700 and $27,300 as crucial support regions that could influence BTC’s near-term trajectory. Meanwhile, the BTC price on CoinGecko stands at $29,741.09, reflecting a 4.8% increase in 24 hours and an 11.0% increase in seven days. Such increase comes at a time when the cryptocurrency market has faced significant turbulence, with a host of factors influencing its valuation.
Spotting Bitcoin ETF Approval on the Horizon
The possible approval of a spot-based Bitcoin exchange-traded fund has become a major source of hope and excitement for the cryptocurrency market. Industry heavyweight Mike Novogratz, CEO of Galaxy Digital, recently shared his optimism about the imminent approval of a spot Bitcoin ETF in the United States during a recent interview.
Novogratz’s sentiments were echoed by the active participation of financial giants like BlackRock, which are actively pursuing their ETF applications. With BlackRock’s massive $10 trillion in assets under management, anticipation surrounding the ETF approval process has reached a fever pitch in the financial world.
According to several industry experts, early approval of a Bitcoin spot ETF is expected to materialize in late 2023 or early 2024. The implications of such approval are far-reaching as it could reshape the investment landscape. in cryptocurrencies, attracting a new wave of institutional and retail investors eager to take advantage of the new investment avenue.
Paul Grewal, chief legal officer at Coinbase, highlighted that the SEC’s recent judicial setback in the case of Grayscale’s proposed Bitcoin ETF has paved the way for potential approval in the coming months. Grewal emphasized that Coinbase is hopeful about approving ETF applications due to its compliance with existing laws governing financial services.
As the market eagerly awaits the resolution of the current BTC battle at crucial price levels and the potential for a new era with the introduction of a spot Bitcoin ETF, industry stakeholders are preparing for what could be a transformative period in the cryptocurrency space.
By Leonardo Pérez