{"id":606079,"date":"2024-05-02T00:00:54","date_gmt":"2024-05-02T00:00:54","guid":{"rendered":"https:\/\/uniquehot.com\/?p=606079"},"modified":"2024-06-11T14:45:24","modified_gmt":"2024-06-11T14:45:24","slug":"bitcoin-bottom-out-analyst-signal-turnaround-amid-market-slump","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-bottom-out-analyst-signal-turnaround-amid-market-slump\/","title":{"rendered":"Bitcoin Bottom Out? Analyst Signal Turnaround Amid Market Slump"},"content":{"rendered":"<p>Bitcoin has recently concluded April, marking its most significant monthly decline. Despite the bearish momentum, leading market analysts, including Michael van de Poppe, <a href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/41757222?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">believe<\/a> that the worst may soon be over, suggesting that Bitcoin is nearing the end of its current correction phase.<\/p>\n<h2>Bitcoin At The End Of Correction?<\/h2>\n<p>April was challenging for Bitcoin, as its value <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-profit-crunch-hash-price-hits-record-low-post-halving-whats-next-for-miners\/\" target=\"_blank\" rel=\"noopener \">plunged<\/a> nearly 20%, dipping below $57,000, the lowest level traded since late February.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-profit-crunch-hash-price-hits-record-low-post-halving-whats-next-for-miners\/\" target=\"_blank\" rel=\"noopener \">Bitcoin\u2019s Profit Crunch: Hash Price Hits Record Low Post-Halving\u2014What\u2019s Next For Miners?<\/a><\/div>\n<p>This drop is part of an intense market sell-off that has slashed the combined cryptocurrency market cap by nearly 10%, bringing it down to $2.2 trillion. Amid these declines, Michael van de Poppe, a revered figure in the crypto analysis space, provided hope.<\/p>\n<p>In his recent statements on the social platform X, Van de Poppe suggested that Bitcoin&#8217;s current price levels might be nearing the bottom of this correction cycle.<\/p>\n<figure style=\"width: 2770px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/QyCaWfIE\/\" alt=\"Bitcoin (BTC) price chart on TradingView\" width=\"2770\" height=\"1496\"><figcaption class=\"wp-caption-text\">BTC price is moving sideways on the 4-hour chart. Source: BTC\/USDT on <a href=\"https:\/\/www.tradingview.com\/chart\/HSuSIPeM\/?symbol=BINANCE%3ABTCUSDT\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/figcaption><\/figure>\n<p>He highlighted the critical price range of $56,000 to $58,000 as pivotal for Bitcoin&#8217;s short-term trajectory, indicating<a href=\"https:\/\/uniquehot.com\/bitcoin-news\/expert-makes-bold-call-its-time-to-swap-your-dollars-for-bitcoin\/\" target=\"_blank\" rel=\"noopener \"> potential areas for a rebound<\/a>.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">#Bitcoin<\/a> is at the end of the correction.<\/p>\n<p>It&#8217;s already down 20% from the highs and we&#8217;ll have some more downside to happen from here.<\/p>\n<p>If the correction continues, then I think the green zones between $56-58K are essential to watch.<a href=\"https:\/\/twitter.com\/hashtag\/Altcoins?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">#Altcoins<\/a> to bounce before. <a href=\"https:\/\/t.co\/4Mu3NA1HSg\" target=\"_blank\" rel=\"noopener nofollow\">pic.twitter.com\/4Mu3NA1HSg<\/a><\/p>\n<p>\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) <a href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/41757222?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">May 1, 2024<\/a><\/p><\/blockquote>\n<h2>A Closer Look At Predictions And Market Sentiments<\/h2>\n<p>Van de Poppe isn&#8217;t alone in his optimistic outlook. Other analysts, like Checkmate, an on-chain expert, have <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/if-history-rhymes-bitcoin-price-next-6-months\/\" target=\"_blank\" rel=\"noopener \">analyzed Bitcoin\u2019s historical data to predict future movements<\/a>.<\/p>\n<p>Checkmate introduced the term &#8220;chopsolidation,&#8221; describing it as a phase of stagnant yet volatile market conditions that could precede a <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/is-a-72k-bitcoin-surge-on-the-horizon-glassnodes-analysis\/\" target=\"_blank\" rel=\"noopener \">significant bullish run<\/a>.<\/p>\n<p>He expects this phase to last about six months, followed by a potential 6 to 12 months of explosive growth reminiscent of past cycles. Furthermore, historical data from Bitcoin&#8217;s Halving years support the theory that after a halving event, the market tends to <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/is-bitcoin-rally-over-leverage-drops-as-halving-highs-fade\/\" target=\"_blank\" rel=\"noopener \">perform strongly<\/a> towards the end of the year.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/expert-makes-bold-call-its-time-to-swap-your-dollars-for-bitcoin\/\" target=\"_blank\" rel=\"noopener \">Expert Makes Bold Call: It\u2019s Time To Swap Your Dollars For Bitcoin<\/a><\/div>\n<p>However, there are not all optimistic forecasts in the crypto realm. The spot Bitcoin ETF market witnessed over <a href=\"https:\/\/farside.co.uk\/?p=997\" target=\"_blank\" rel=\"noopener nofollow\">$300 million in net outflows<\/a> in April, breaking a three-month streak of inflows, reflecting a broader sentiment of caution among investors.<\/p>\n<p>Moreover, Charles Edwards, founder of Capriole Investments, has voiced concerns over the market&#8217;s extraordinary bullishness, warning of the necessity for corrections within such a volatile asset class.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">&#8220;Sell in May and go away.&#8221; This looks like distribution to me. As long as we trade below $61.5K, scenario (1) is technically more likely. A strong reclaim of $61.5K would give some hopes to the bulls for scenario (2). A flush would also be good for the sustaining continuation of\u2026 <a href=\"https:\/\/t.co\/6E3oJ1vgs3\" target=\"_blank\" rel=\"noopener nofollow\">pic.twitter.com\/6E3oJ1vgs3<\/a><\/p>\n<p>\u2014 Charles Edwards (@caprioleio) <a href=\"https:\/\/twitter.com\/caprioleio\/status\/81279287?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">May 1, 2024<\/a><\/p><\/blockquote>\n<p>Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin has recently concluded April, marking its most significant monthly decline. Despite the bearish momentum, leading market analysts, including Michael van de Poppe, believe that the worst may soon be over, suggesting that Bitcoin is nearing the end of its current correction phase. Bitcoin At The End Of Correction? April was challenging for Bitcoin, as its value plunged nearly 20%, dipping below $57,000, the lowest level traded since late February. Related Reading: Bitcoin\u2019s Profit Crunch: Hash Price Hits Record Low Post-Halving\u2014What\u2019s Next For Miners? This drop is part of an intense market sell-off that has slashed the combined cryptocurrency market cap by nearly 10%, bringing it down to $2.2 trillion. Amid these declines, Michael van de Poppe, a revered figure in the crypto analysis space, provided hope. In his recent statements on the social platform X, Van de Poppe suggested that Bitcoin&#8217;s current price levels might be nearing the bottom of this correction cycle. He highlighted the critical price range of $56,000 to $58,000 as pivotal for Bitcoin&#8217;s short-term trajectory, indicating potential areas for a rebound. #Bitcoin is at the end of the correction. It&#8217;s already down 20% from the highs and we&#8217;ll have some more downside to happen from here. If the correction continues, then I think the green zones between $56-58K are essential to watch.#Altcoins to bounce before. pic.twitter.com\/4Mu3NA1HSg \u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) May 1, 2024 A Closer Look At Predictions And Market Sentiments Van de Poppe isn&#8217;t alone in his optimistic outlook. Other analysts, like Checkmate, an on-chain expert, have analyzed Bitcoin\u2019s historical data to predict future movements. Checkmate introduced the term &#8220;chopsolidation,&#8221; describing it as a phase of stagnant yet volatile market conditions that could precede a significant bullish run. He expects this phase to last about six months, followed by a potential 6 to 12 months of explosive growth reminiscent of past cycles. Furthermore, historical data from Bitcoin&#8217;s Halving years support the theory that after a halving event, the market tends to perform strongly towards the end of the year. Related Reading: Expert Makes Bold Call: It\u2019s Time To Swap Your Dollars For Bitcoin However, there are not all optimistic forecasts in the crypto realm. The spot Bitcoin ETF market witnessed over $300 million in net outflows in April, breaking a three-month streak of inflows, reflecting a broader sentiment of caution among investors. Moreover, Charles Edwards, founder of Capriole Investments, has voiced concerns over the market&#8217;s extraordinary bullishness, warning of the necessity for corrections within such a volatile asset class. &#8220;Sell in May and go away.&#8221; This looks like distribution to me. As long as we trade below $61.5K, scenario (1) is technically more likely. A strong reclaim of $61.5K would give some hopes to the bulls for scenario (2). A flush would also be good for the sustaining continuation of\u2026 pic.twitter.com\/6E3oJ1vgs3 \u2014 Charles Edwards (@caprioleio) May 1, 2024 Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":521312,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,532,629,678,1119,78790,6664,84647],"class_list":["post-606079","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-etf","tag-bitcoin-market","tag-bitcoin-prediction","tag-btc","tag-btcusdt","tag-crypto","tag-spot-bitcoin-etf"],"acf":[],"yoast_head":"\n<title>Bitcoin Bottom Out? 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. 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His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/uniquehot.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Bottom Out? 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