In a recent tweet, cryptocurrency analyst and trader Michael van de Poppe shared his take on the current Bitcoin situation and its prospects in terms of price movements and published a chart to make his point clearer.
He named the key level that the world’s leading cryptocurrency needs to hold in order to begin moving toward new all-time highs.
Bitcoin “party time” price level
Van de Poppe, known on Crypto X as “@CryptoMichNL,” tweeted that at the moment, Bitcoin is consolidating before continuing its rise toward new all-time highs. The key level for BTC to hold, according to Van de Poppe, is $70,000. “As long as we stay above $70K, it’s party time,” he wrote in his X post.
#Bitcoin is consolidating before continuing towards new ATHs!
As long as we stay above $70K, it’s party time. pic.twitter.com/Njtlf36Zng
— Michaël van de Poppe (@CryptoMichNL) October 31, 2024
In a tweet published earlier this week, the analyst said that he believes a new all-time high is on the horizon. Poppe shared a prediction that, in November, BTC is likely to reach $80,000 and then jump to $90,000-$100,000 in December.
This week, between Monday and Tuesday, the flagship cryptocurrency demonstrated a massive price increase of 7%, soaring from $68,410 to the $73,220 zone. Since then, Bitcoin has seen a minor loss of 1.3% and is changing hands at $72,256 per coin.
Bitcoin reached the latest all-time high on March 14 at $73,750. Currently, BTC is changing hands at $72,310 – that is, just 1.93% below the ATH level. Among the reasons for the recent price surge, analysts have named record-breaking Bitcoin ETF inflows and monetary loosening measures in the U.S. and other major economies.
BlackRock Bitcoin ETF outshines rivals by reaching ATH
@spotonchain analytics account on X has spread the word about astounding inflows into spot Bitcoin ETFs on Oct. 30. The largest ones went into BlackRock’s IBIT – a whopping $872 million in a single day. This is one of the biggest inflows for this fund since it was launched in January this year.
🎉 BTC #ETF saw an inflow of $893.3M today, with BlackRock contributing a massive $872M in a single day.
Similar to yesterday’s inflow, this marks one of the largest inflows since launch, with BlackRock setting a new record for the highest inflow ever.
BTC’s price has remained… pic.twitter.com/2a3XgVrm1I
— Spot On Chain (@spotonchain) October 31, 2024
Thus, IBIT has set a new record for the highest single-day inflow in its existence. The rest of the ETFs show tiny inflows compared to BlackRock – Fidelity reported $12.6 million, VanEck saw $4.1 million and Grayscale Mini Trust had an $8 million inflow. Invesco and Valkyrie saw smaller inflows of $7.2 and $6.1 million. Bitwise ETF faced a massive outflow of $23.9 million.
