Bitcoin, the world’s first-ever digital currency, birthed a cyclone of inferences across the vast sea of crypto on Monday, as the token witnessed stormy price shifts recently. This seems to have garnered significant attention across the globe due to Bitcoin’s underlying popularity across the trading landscape. However, in contrast to its price fall recently, a crypto market expert, Michaël van de Poppe, stirred optimism for the token across the broader market as BTC halving nears.
Meanwhile, on-chain data for the token spotlighted additional vital blockchain data, fueling befuddling speculations among crypto market traders and investors.
Market Expert Propels Optimism Despite Mayhem
According to a recent post by Michaël van de Poppe on the social media platform X, the crypto community will perhaps see another bull run for Bitcoin pre-halving. Furthermore, he asserts traders to buy dips below $41,000, hinting toward a strategy of purchasing during market downturns. Intriguingly, he also suggested Bitcoin to $300,000, stirring additional inferences among crypto market enthusiasts. However, on-chain data for the token appears to come in contrast to Michaël’s remarks.
According to a recent report by CoinGape Media, DeFiLlama spotlighted a notable step-down for the Bitcoin community as its TVL recently got overtaken by Sui. Moreover, as per on-chain data illuminated by another analyst, Ali Martinez, Bitcoin’s MPI ( Miners’ Position Index) hit a high of 9.43 as of January 12. This further showcased that miners moved BTC, outpacing the typical standards, and hinting at potential sales. Notably, additional such selling could drag the price down even further, proving Michaël’s proclamation of BTC to $300,000 deceptively incorrect.
However, with Michael’s striking prominence across the crypto realm, his remarks seem to have fostered a sense of caution and optimism at the same time across the broader crypto market.
Bitcoin Price Drops
As of writing, the Bitcoin price jotted down a marginal fall of 0.62% over the past 24 hours and is currently resting at $42,644.10. Moreover, its price post-ETF approval appears to have plunged dramatically, again nearing the $42,000 mark.