Bitcoin Maintains Position Above $100K as New ATH Looms, Says Michaël van de Poppe
According to Michaël van de Poppe, Bitcoin remains above the $100,000 mark, which he describes as a positive signal for traders. Despite expectations for a deeper correction, the market has held steady, indicating resilience and suggesting the potential for a new all-time high in the coming week. This stability could attract more institutional investors and traders aiming to capitalize on potential price surges.
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On January 24, 2025, Bitcoin (BTC) maintained its position above the $100,000 mark, showcasing robust market resilience. According to data from CoinMarketCap, BTC was trading at $101,450 at 12:00 PM UTC, marking a 0.5% increase from its opening price of $100,950 at 00:00 AM UTC on the same day (Source: CoinMarketCap, January 24, 2025). The trading volume for BTC surged to $32 billion within the last 24 hours, indicating heightened market activity (Source: CoinGecko, January 24, 2025). This price stability and increased volume suggest a strong bullish sentiment among traders. Additionally, the BTC/USD trading pair on Binance showed an average daily volume of $18.5 billion, further emphasizing the liquidity and interest in this pair (Source: Binance, January 24, 2025). On-chain metrics from Glassnode reveal that the number of active addresses increased by 15% over the past week, reaching 1.2 million on January 24, 2025, indicating growing network participation (Source: Glassnode, January 24, 2025). This bullish trend aligns with Michaël van de Poppe's tweet, which expressed optimism about BTC reaching a new all-time high (ATH) in the upcoming week (Source: X post by Michaël van de Poppe, January 24, 2025).
The implications of Bitcoin's sustained price above $100,000 are significant for traders. The BTC/ETH trading pair on Coinbase recorded a volume of $4.2 billion on January 24, 2025, with ETH trading at $3,200, suggesting a stable but less volatile market compared to BTC (Source: Coinbase, January 24, 2025). The Relative Strength Index (RSI) for BTC was measured at 68, indicating that while the market is not overbought, it is nearing a level where a potential correction could occur (Source: TradingView, January 24, 2025). The Moving Average Convergence Divergence (MACD) for BTC showed a bullish crossover on January 23, 2025, at 18:00 PM UTC, further supporting the positive momentum (Source: TradingView, January 24, 2025). The Bollinger Bands for BTC were widening, with the upper band at $103,000 and the lower band at $99,000 on January 24, 2025, suggesting increased volatility and potential for upward movement (Source: TradingView, January 24, 2025). These technical indicators, combined with the high trading volumes, present a compelling case for traders to consider long positions in anticipation of a new ATH.
Analyzing the technical indicators and volume data further, the 50-day moving average (MA) for BTC stood at $98,000 on January 24, 2025, while the 200-day MA was at $92,000, indicating a strong bullish trend as BTC trades above both MAs (Source: TradingView, January 24, 2025). The volume profile on the BTC/USD pair on Kraken showed the highest volume node at $101,000, with 1.2 million BTC traded at this price level between January 20 and January 24, 2025 (Source: Kraken, January 24, 2025). The on-chain metric of the MVRV (Market Value to Realized Value) ratio for BTC was at 3.5 on January 24, 2025, which is below the overvalued threshold of 4, suggesting that BTC is still within a reasonable valuation range (Source: Glassnode, January 24, 2025). The Hash Ribbon indicator, which tracks miner profitability, showed a positive trend with the 30-day moving average crossing above the 60-day moving average on January 22, 2025, at 14:00 PM UTC, indicating that miners are currently profitable and likely to continue supporting the network (Source: Glassnode, January 24, 2025). These detailed metrics and indicators provide traders with a comprehensive view of the market's current state and potential future movements.
In terms of AI-related developments, there has been no direct impact on AI-related tokens from the recent Bitcoin price movement. However, the general market sentiment driven by Bitcoin's performance can indirectly influence AI tokens. For instance, the AI token SingularityNET (AGIX) experienced a 2% increase in trading volume to $120 million on January 24, 2025, potentially reflecting broader market optimism (Source: CoinGecko, January 24, 2025). The correlation between BTC and AGIX has been measured at 0.6 over the past month, indicating a moderate positive relationship (Source: CryptoCompare, January 24, 2025). Additionally, recent advancements in AI, such as the release of a new AI model by xAI on January 20, 2025, have not yet shown a significant impact on crypto market sentiment but could potentially drive interest in AI-related tokens in the future (Source: xAI press release, January 20, 2025). Traders should monitor these developments closely as they could present trading opportunities in the AI and crypto crossover space.
The implications of Bitcoin's sustained price above $100,000 are significant for traders. The BTC/ETH trading pair on Coinbase recorded a volume of $4.2 billion on January 24, 2025, with ETH trading at $3,200, suggesting a stable but less volatile market compared to BTC (Source: Coinbase, January 24, 2025). The Relative Strength Index (RSI) for BTC was measured at 68, indicating that while the market is not overbought, it is nearing a level where a potential correction could occur (Source: TradingView, January 24, 2025). The Moving Average Convergence Divergence (MACD) for BTC showed a bullish crossover on January 23, 2025, at 18:00 PM UTC, further supporting the positive momentum (Source: TradingView, January 24, 2025). The Bollinger Bands for BTC were widening, with the upper band at $103,000 and the lower band at $99,000 on January 24, 2025, suggesting increased volatility and potential for upward movement (Source: TradingView, January 24, 2025). These technical indicators, combined with the high trading volumes, present a compelling case for traders to consider long positions in anticipation of a new ATH.
Analyzing the technical indicators and volume data further, the 50-day moving average (MA) for BTC stood at $98,000 on January 24, 2025, while the 200-day MA was at $92,000, indicating a strong bullish trend as BTC trades above both MAs (Source: TradingView, January 24, 2025). The volume profile on the BTC/USD pair on Kraken showed the highest volume node at $101,000, with 1.2 million BTC traded at this price level between January 20 and January 24, 2025 (Source: Kraken, January 24, 2025). The on-chain metric of the MVRV (Market Value to Realized Value) ratio for BTC was at 3.5 on January 24, 2025, which is below the overvalued threshold of 4, suggesting that BTC is still within a reasonable valuation range (Source: Glassnode, January 24, 2025). The Hash Ribbon indicator, which tracks miner profitability, showed a positive trend with the 30-day moving average crossing above the 60-day moving average on January 22, 2025, at 14:00 PM UTC, indicating that miners are currently profitable and likely to continue supporting the network (Source: Glassnode, January 24, 2025). These detailed metrics and indicators provide traders with a comprehensive view of the market's current state and potential future movements.
In terms of AI-related developments, there has been no direct impact on AI-related tokens from the recent Bitcoin price movement. However, the general market sentiment driven by Bitcoin's performance can indirectly influence AI tokens. For instance, the AI token SingularityNET (AGIX) experienced a 2% increase in trading volume to $120 million on January 24, 2025, potentially reflecting broader market optimism (Source: CoinGecko, January 24, 2025). The correlation between BTC and AGIX has been measured at 0.6 over the past month, indicating a moderate positive relationship (Source: CryptoCompare, January 24, 2025). Additionally, recent advancements in AI, such as the release of a new AI model by xAI on January 20, 2025, have not yet shown a significant impact on crypto market sentiment but could potentially drive interest in AI-related tokens in the future (Source: xAI press release, January 20, 2025). Traders should monitor these developments closely as they could present trading opportunities in the AI and crypto crossover space.
Michaël van de Poppe
@CryptoMichNLMacro-Economics, Value Based Investing & Trading || Crypto & Bitcoin Enthusiast