Bitcoin All-Time High: Expert Reveals Best Entry Point for Max Profits

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Bitcoin (BTC) is facing a challenge today after hitting a resistance point at the $70,000 mark on Monday. However, institutional investors are taking advantage of the dip! U.S. spot exchange-traded funds (ETFs) saw a remarkable $297 million in fresh inflows as they jumped in. With no major catalysts on the horizon, this week could see some wild price movements—so buckle up!

Insights from Michaël Van de Poppe

Crypto analyst Michaël Van de Poppe has shared his latest thoughts on Bitcoin’s price movement, noting that while BTC hasn’t surged as high as he initially predicted, it’s currently consolidating—a key phase that could open up significant opportunities for traders looking to refine their bitcoin price prediction strategies.

#Bitcoin didn't get as high as I wanted it to be, but we are indeed consolidating.

I think that $64-65K is possible. If we get there, that's an ultimate buy-the-dip opportunity.

The final correction before the run towards a new ATH around the Elections / next FED meeting. pic.twitter.com/j4Y9BmK9en

— Michaël van de Poppe (@CryptoMichNL) October 22, 2024

Van de Poppe suggests that Bitcoin might dip toward the $64,000 to $65,000 range, which he describes as the “ultimate buy-the-dip opportunity.” According to him, this zone represents a good entry point for investors eager to capitalize on Bitcoin’s next move.

Analyzing Bitcoin Market Sentiment

To further analyze the situation, the Santiment Network Realized Profit/Loss (NPL) indicator offers insights into Bitcoin’s recent price changes. The NPL measures daily network-level return on investment (ROI) based on on-chain transaction volume. A spike in NPL indicates that holders are selling at significant profits, while strong dips often point to losses, typically due to panic selling or capitulation.

Over the weekend, BTC’s NPL jumped from $348.87 million to $1.64 billion, signaling that many holders were cashing in their profits.

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A Bullish Long-Term Perspective

Despite the short-term caution, Van de Poppe remains hopeful about Bitcoin’s long-term potential. He believes this dip could be the last significant correction before Bitcoin moves toward a new all-time high (ATH). Van de Poppe suggests that this ATH may coincide with the upcoming U.S. elections or the next Federal Reserve meeting—both key events that could impact market sentiment.

When Can You Buy?

While Van de Poppe’s analysis presents a positive outlook for Bitcoin, he advises traders to be cautious during this consolidation phase. Keeping an eye on the $64,000-$65,000 range could be crucial as a potential key buying level before the next major rally unfolds.

What price range are you targeting to enter the market? Does it align with Van de Poppe’s insights? Share your thoughts!