Cryptocurrency enthusiasts are keeping a close eye on both Bitcoin (Crypto: BTC) and Ethereum (CRYPTO: ETH) is near critical buy levels, according to a popular analyst Michael van de Poppe.
What happened: Van de Poppe identified that Bitcoin and Ethereum are approaching levels where buying on dips could be beneficial.
Van de Poppe stressed the importance of “buying the dip” for Bitcoin, which is currently trading at $89,250. He noted that Bitcoin is approaching the first major point of interest for traders.
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Meanwhile, Ethereum, at $3,040, is approaching the ideal entry point.
“Buying the dip, that’s what we want with Bitcoin. We’re getting close to the first point of interest, and in the meantime, Ethereum is getting close to an optimal entry as well.”
“The general plan for the coming period is to buy the dip.”
See also: If you invested $100 in DOGE when Elon Musk first tweeted about it in 2019, Here’s how much you’ll get today.
The analyst also highlighted opportunities in other altcoins, advising traders to monitor entry points into these digital assets in the coming weeks.
Van de Poppe’s strategy for the near future includes buying dips, and altcoins are expected to see major breakouts.
He recommended maximizing potential gains by purchasing altcoins during periods of 20-50% decline, allowing traders to take advantage of expected market movements in the cryptocurrency sector.
Why does it matter?: The cryptocurrency market has seen volatility, with recent events adding complexity to the trading landscape. Earlier this week, the Fed Chairman said Jerome Powell The comments dampened hopes for a rate cut, causing Bitcoin to fall below $88,000 after initially topping $91,000. Ethereum also saw a decline, falling from $3,240 to $3,040.
Despite these setbacks, optimism remains. On November 15, Ark Invest Cathie Wood Expected Bitcoin price It can reach $1.5 million By 2030, noting regulatory easing and growing institutional interest.
In addition, Arthur Hayes He noted that policies under President-elect Donald Trump may weaken the dollar, boosting the value of Bitcoin.
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This article Bitcoin, Ethereum and altcoins are close to the point where investors can ‘buy the dip’, Michael van de Poppe says Originally appeared on Benzinga.com