Popular analyst Michael van de Poppe predicted in an X post earlier today that the Bitcoin price may spike to between $48-$50K soon. In the post, the analyst said that the market leader is currently consolidating around new highs. Should Bitcoin ETFs be approved this week, he believes BTC will soar to a “temporary top”.
#Bitcoin is currently still acting in the range and consolidation around new highs. If the ETF is approved this week, I assume we'll see a spike to $48-50K, but that could mark a temporary top. pic.twitter.com/Ji9Md4bHhq — Michaël van de Poppe (@CryptoMichNL) January 3, 2024
In another post, van de Poppe shared his belief that BTC’s market dominance may undergo a “final upward push due to the ETF.” Thereafter, he anticipates a correction. As a result, he feels that the peak for the market leader’s dominance in the market may already be in. This could open up an opportunity for altcoin prices to rise, according to the analyst.
#Bitcoin dominance has been peaking pre-halving in the previous four-year cycles. I think it's going for a final upward push due to the ETF, and then we'll start correcting down. The peak on the $BTC dominance might be in. This means that altcoins are still an opportunity. pic.twitter.com/naine31oAK — Michaël van de Poppe (@CryptoMichNL) January 2, 2024
At press time, data from CoinMarketCap indicated that BTC’s price was down more than 1%. Subsequently, the crypto was trading hands at $45,283.87. Despite the latest correction, the Bitcoin price was still up more than 6% on the weekly timeframe.
The drop in BTC’s value was also not enough to bring down its dominance. Throughout the past day of trading, altcoin’s took a slight knock. Subsequently, Bitcoin’s market share was up 0.10% and stood at over 51% as a result.
BTC Market Cap Shows No Signs of Slowing Down
Daily chart for the Bitcoin market cap (Source: TradingView)
Bitcoin’s market cap has been on a steady increase over the past few weeks. Following a slight correction on Dec. 29, 2023, the market leader’s valuation has entered into a positive cycle. As a result, BTC’s total market cap stood at $886.361 billion at press time.
Technical indicators also suggested that BTC’s market cap may continue to rise in the next 48 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators were flagging bullish.
The MACD line was attempting to cross above the MACD Signal line, which will be a significant technical flag. Traders may identify this as a signal that BTC’s market cap will continue its positive trend throughout the next few days. Meanwhile, the RSI line was positioned above its Simple Moving Average (SMA) line, which indicates that buyers are currently stronger than sellers on BTC’s chart.
The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
Comments