Famous trader and analyst Michael van de Poppe has released a new video on his YouTube channel. In it, he analyzed the current situation in the cryptocurrency market after the price of Bitcoin (BTC) fell by more than 15% from its local high in January. According to the researcher, such a pullback was quite expected after the prolonged hype around the approval of ETFs. The long-awaited correction has finally arrived.

According to the analyst, after a slight decrease in the price of BTC, we can expect a rapid upward trend. The expert emphasized that ETFs could generate significant demand that is currently undervalued in the long term.

The researcher also claims that the achieved BTC price level of $48,000 has become a key trigger based on previous cycles and market structure. According to the expert's opinion, the price of the leading cryptocurrency may decrease to the range between $33,000 and $35,000, which, in his view, is an optimal point for holding positions. The analyst also emphasizes that the range from $41,000 to $36,000 may attract active investments from major players.

As of January 20, 2024, the price of "digital gold" was $41,530, representing a 0.5% increase compared to previous data. The total market capitalization of coins in circulation reached $814.32 billion. Daily trading volumes amounted to $22.66 billion. The popular Fear and Greed Index, which reflects market participants' sentiments, reached 52 points. Bitcoin's dominance over altcoins was 49.9%.