Renowned trader and market expert Michael van de Poppe thinks that the price of Bitcoin, which is now the most popular cryptocurrency worldwide, will probably continue to rise.
The Bitcoin Fear and Greed Index is still in the greed zone, indicating that investors are probably going to start selling some of their Bitcoin in the near future.
“Target remains $36,500-$37,000”
Poppe included a Bitcoin graphic in his essay on X that was released today. The chart shows a noticeable increasing trend that has been occurring recently. This is “the classic grind upwards” for Bitcoin, the expert said.
He thinks Bitcoin will keep rising in the direction of the $36,500–$37,000 range, which is still the aim for the cryptocurrency. “Classic liquidity drops take place, but the trend is clearly upwards,” Poppe stated.
https://x.com/CryptoMichNL/status/1721449852184183160?s=20
Bitcoin market overheated, Index in “greed” zone
The “greed” reading on the Bitcoin Fear and Greed Index has been present since the end of last week. This index is now at 71. Since Friday, it has moved there from 65. The market may be hot, and investors may start selling part of their Bitcoin holdings to profit, according to the “greed” interpretation.
They could start purchasing when the index moves into the “fear” zone. Significant portions of Bitcoin have recently been transferred to the well-known exchanges Bitfinex, Binance, and Coinbase, as if to support this theory.
Whale Alert tracker detected many major transfers totaling 27,775 BTC as well as multiple smaller transfers totaling less than 1,000 BTC.
Bitcoin network hits new milestone
Analyst Ali Martinez claims that even if the market is in the “greed” zone, the BTC network is still expanding and has recently crossed a significant new milestone.
Martinez claims in his X post on Sunday that over 700,000 additional Bitcoin wallets were generated in a single day. He is positive that the expansion of the Bitcoin network portends a potential price increase.
https://x.com/ali_charts/status/1721300609897279889?s=20
Charlie Munger bashes Bitcoin
In a recent interview with the Wall Street Journal, Charlie Munger, the right-hand man of well-known investor Warren Buffett, expressed harsh criticism of Bitcoin.
Munger’s criticism of Bitcoin centred on adding a “stink ball” to the well calibrated formula of conventional finance. According to him, Bitcoin is upending the existing financial system rather than supporting it. Hard money has, in his view, always been the dominant one throughout human history.
He recommended that typical people put their money into index funds rather than investing their hard-earned money in Bitcoin.
