As cryptocurrency analyst Michaël van de Poppe observes, while the cryptocurrency market enters the week on a slightly bearish note after its rally since the beginning of the year, the consolidation of Bitcoin (BTC) represents a “buying bearish” opportunity for investors.
Is it a buying opportunity for BTC right now?
Bitcoin started the week “towards the low range and this support area to $22.3-22.7K”, which “could be a point for long periods of time” but as a crypto expert “a $21.7K scan is optimal”.
According to Van de Poppe, as he mentioned in an earlier tweet, such a “final liquidity scan” might be possible with the current strength of the USD index, which in his own words suggests that this is just the beginning of something.
Analysis of DXY movements. Source: Michaël van de Poppe
It’s also worth noting that ‘buying the bottom’ gives a significant edge to enterprise business intelligence (BI) software vendor MicroStrategy, which has purchased more than 8,800 Bitcoins during the big crypto crash of 2022.
Bitcoin price analysis
Meanwhile, the first decentralized finance (DeFi) asset is currently trading at $22.853, down 2.28% on the day and down 3.97% from the previous week, but still gaining 34.74% on its monthly chart.
Bitcoin 7 day price chart. Source: Finbold
At the same time, a survey of 4,400 US adults in January 2023 predicted a bleak future for Bitcoin, as Finbold reported on Feb. 3, predicting that the asset would trade at $15,252 in the next six months.
On the other hand, Robert Kiyosaki, author of the personal finance book “Rich Dad Poor Dad”, ranks Bitcoin among the ‘three hottest topics in the world’ due to the depreciation of the US dollar, while Berkshire Hathaway Vice President Charlie Munger calls for the first cryptocurrency to be banned.
Disclaimer: The content on this site should not be considered as investment advice. Investment is speculative. When investing, your capital is at risk.
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