The world of cryptocurrency, particularly Bitcoin (BTC), is witnessing a period of notable volatility. Michaël van de Poppe, the CEO and founder of MN Trading, has weighed in on the current trends. He anticipates a short-term decline in Bitcoin prices before a rebound. Specifically, van de Poppe expects profit-taking activities towards the year’s end, followed by a resurgence in Bitcoin’s value, entering what he terms an “up-only mode.”
Ali Martinez, a renowned crypto and market analyst, has also provided insights, noting Bitcoin’s recent slip below a crucial supply zone, ranging between $41,200 and $42,400. This area is significant as it represents the accumulation point for 1.87 million addresses holding around 730,000 BTC.
Martinez warned that this downturn could prompt these holders to sell to cut losses, potentially leading to a further drop in Bitcoin’s price. He pointed to the next demand zone, between $37,500 and $38,700, as a critical area to watch. In this zone, approximately 1.28 million addresses hold 553,000 BTC.
The primary cryptocurrency has experienced heightened volatility since the start of December. It oscillated around $38,000 on December 1, surged to a 20-month high of $44,000, and then experienced a significant drop. Despite a brief recovery above $43,000, Bitcoin’s price has settled around $41,000, according to CoinGecko’s data.
Despite the current uncertainty, many analysts remain optimistic about Bitcoin’s prospects. Matthew Sigel, the Head of Digital Assets Research at VanEck, and Patrick Bush, a Senior Investment Analyst in Digital Assets at VanEck, are among the experts forecasting substantial gains for Bitcoin.
They suggest that factors such as the upcoming BTC halving and the potential re-election of Donald Trump as the President of the United States could drive Bitcoin’s price to an unprecedented $100,000 level next year. Furthermore, they speculate that Satoshi Nakamoto, the enigmatic creator of Bitcoin, could be recognized as Time Magazine’s Man of the Year, reflecting the growing prominence of digital assets.
As of the latest updates, Bitcoin’s price is $40,973.47, with a 24-hour trading volume of over $21 billion. This marks a -2.30% decline in the last 24 hours and a -3.40% decrease over the past week. With a circulating supply of around 20 million BTC, Bitcoin’s market capitalization is approximately $801.99 billion.
