Here’s Key Condition for Reaching It – Top Analyst

In a recent tweet, cryptocurrency analyst and trader Michael van de Poppe shared his take on the current Bitcoin situation and its prospects in terms of price movements and published a chart to make his point clearer.

He named the key level that the world’s leading cryptocurrency needs to hold in order to begin moving toward new all-time highs.

Bitcoin “party time” price level

Van de Poppe, known on Crypto X as “@CryptoMichNL,” tweeted that at the moment, Bitcoin is consolidating before continuing its rise toward new all-time highs. The key level for BTC to hold, according to Van de Poppe, is $70,000. “As long as we stay above $70K, it’s party time,” he wrote in his X post.

In a tweet published earlier this week, the analyst said that he believes a new all-time high is on the horizon. Poppe shared a prediction that, in November, BTC is likely to reach $80,000 and then jump to $90,000-$100,000 in December.

This week, between Monday and Tuesday, the flagship cryptocurrency demonstrated a massive price increase of 7%, soaring from $68,410 to the $73,220 zone. Since then, Bitcoin has seen a minor loss of 1.3% and is changing hands at $72,256 per coin.

Bitcoin reached the latest all-time high on March 14 at $73,750. Currently, BTC is changing hands at $72,310 – that is, just 1.93% below the ATH level. Among the reasons for the recent price surge, analysts have named record-breaking Bitcoin ETF inflows and monetary loosening measures in the U.S. and other major economies.

BlackRock Bitcoin ETF outshines rivals by reaching ATH

@spotonchain analytics account on X has spread the word about astounding inflows into spot Bitcoin ETFs on Oct. 30. The largest ones went into BlackRock’s IBIT – a whopping $872 million in a single day. This is one of the biggest inflows for this fund since it was launched in January this year.

Thus, IBIT has set a new record for the highest single-day inflow in its existence. The rest of the ETFs show tiny inflows compared to BlackRock – Fidelity reported $12.6 million, VanEck saw $4.1 million and Grayscale Mini Trust had an $8 million inflow. Invesco and Valkyrie saw smaller inflows of $7.2 and $6.1 million. Bitwise ETF faced a massive outflow of $23.9 million.