Cryptocurrency enthusiasts are keeping a close eye on both Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO:ETH) near critical buy levels, according to renowned analyst Michael van de Poppe.
What happened: Van de Poppe has found that Bitcoin and Ethereum are approaching a level where buying on dips can be beneficial.
Van de Poppe emphasized the importance of ‘dip buying’ for Bitcoin, which is currently trading at $89,250. He pointed out that Bitcoin is approaching its first major focus for traders.
Don’t miss:
Meanwhile, Ethereum, at $3,040, is also approaching an optimal entry point.
“Dip buying, that’s what we want with Bitcoin. Getting close to the first point of interest, and meanwhile ETH is also getting close to an optimal entry.”
“The overall plan for the coming period is to buy the dip.”
See also: If you had invested $100 in DOGE when Elon Musk first tweeted about it in 2019, here is how much you would have today.
The analyst also highlighted opportunities in other altcoins and advised traders to keep an eye out for entry points in these digital assets in the coming weeks.
Van de Poppe’s strategy for the near future consists of buying dips, with altcoins expected to see significant breakouts.
He recommended maximizing potential profits by buying altcoins during dips of 20-50%, allowing traders to take advantage of expected market moves in the cryptocurrency sector.
Why it matters: The cryptocurrency market has seen fluctuations, with recent events increasing the complexity of the trading landscape. Chairman of the Federal Reserve earlier this week Jerome Powells comments dampened hopes for rate cuts, sending Bitcoin below $88,000 after initially crossing $91,000. Ethereum also saw a decline, from $3,240 to $3,040.
Despite these setbacks, optimism remains. On November 15 Cathie Wood of Ark Invest predicted that Bitcoin’s price could reach $1.5 million by 2030, citing regulatory relief and growing institutional interest.
Furthermore, Arthur Hayes suggested that policies under newly elected President Donald Trump could weaken the dollar, increasing Bitcoin’s value.
Read next:
Photo courtesy: Shutterstock
Next: Transform your trading with Benzinga Edge’s unique market trading ideas and tools. Click now to access unique insights which can give you an edge in today’s competitive market.
Want the latest stock analysis from Benzinga?
This article Michael Van De Poppe Says Bitcoin, Ethereum and Altcoins Are Close to the Point Where Investors Can Buy the Dip originally appeared on Benzinga.com
