Bitcoin and altcoins saw a significant drop yesterday, with over $935 million liquidated from crypto markets in the last 24 hours. Analysts suggest Bitcoin is currently in an accumulation phase before a potential breakout.
Bitcoin and other cryptocurrencies recently experienced a notable decrease. When Bitcoin quickly reached $65,086, altcoins suffered a particularly severe decline. Analyst Michael van de Poppe remarked on the drop, suggesting that buying at these lower levels could be a good idea, as long as one has some cash available.
Crypto Market Analysts Assess Recent Decline and Bitcoin’s Prospects
According to Coinglass data, the recent sharp decline prompted 298,320 investors to liquidate their positions in the last 24 hours, totaling $935 million. Following this downturn, comments from a closely followed crypto market analyst emerged.
The analyst, with a significant following in the community, suggests that Bitcoin (BTC) is currently in an accumulation phase before its next rise. Michael van de Poppe, known to 711,500 followers on a social media platform X, indicates that both gold and BTC are moving towards their all-time high levels.
Van de Poppe observes that Bitcoin seems to be in an accumulation phase before the next breakout, while gold continues its ascent towards new all-time highs. At the time of writing this article, BTC’s value stands at $67,654.
Crypto Analyst Van de Poppe Evaluates Polkadot (DOT) and Synthetix (SNX)
Crypto currency analyst Van de Poppe has highlighted Polkadot (DOT), expressing his intention to add DOT to his portfolio. He remarks that DOT has reached a low cycle level due to Bitcoin’s influence and anticipates a rotation soon, citing fundamental progress. Van de Poppe’s statement suggests his satisfaction in adding DOT to his portfolio. At the time of writing, DOT’s value is trading at $7.29, reflecting a 14% decrease.
Additionally, Van de Poppe evaluates Synthetix (SNX), a decentralized finance (DeFi) crypto enabling the creation of synthetic assets on Ethereum (ETH). He notes that SNX currently exhibits little to no momentum against BTC, indicating downward momentum and continuity. Van de Poppe suggests that breaking above 6000 satoshis would indicate a strong force presence, but for now, momentum remains low. He asserts that ETH needs to move first for SNX to follow suit. At the time of writing, SNX’s value stands at $3.24, showing a 16% loss in value.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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