Bitcoin (BTC) Price Prediction: Van de Poppe Predicts New ATH by October Despite 30% Drop

Bitcoin experienced its largest price drop of the year on Monday, falling 30% amidst a global market downturn. This decline was triggered due to the economic policy changes in Japan

Bitcoin experienced its largest price drop of the year on Monday, falling 30% amidst a global market downturn. This decline was triggered due to the economic policy changes in Japan, which impacted the markets significantly.

As a result of this sell-off, various assets, including stocks, bonds, and cryptocurrencies, encountered substantial losses. However, Bitcoin has made a sharp recovery since then, attracting attention from crypto enthusiasts and analysts alike.

One such analyst, Michael van de Poppe, suggests that Bitcoin is undergoing a “V-Shape recovery,” which essentially means a quick and strong rebound after a big fall.

“#Bitcoin did provide a V-Shape recovery, through which this correction and crash due to Jump Trading selling crypto assets is comparable to COVID-19 -> A Black Swan. As long as Bitcoin holds above $57,500, I think we're in for a new ATH in September/October.”

Currently, Bitcoin is trading positively at around $60,427, with a price increase of 5.27% and a market cap of $1.19 trillion. Van de Poppe’s analysis draws attention to Bitcoin's swift recovery, comparing it to the “Black Swan” moment during the COVID-19 pandemic. This comparison highlights Bitcoin's resilience and potential for future growth.

Van de Poppe predicts that Bitcoin could reach a new all-time high (ATH) by September or October, as long as it stays above $57,500. This analysis suggests that Bitcoin's fundamental strength is still strong, pointing to potential growth opportunities for investors soon.

On Friday, August 9, about 32,000 Bitcoin options contracts, valued at around $1.9 billion, will expire. This expiration is expected to have a smaller impact on spot markets compared to the previous week. The put/call ratio of 0.71 shows that more call contracts are expiring than puts, with the max pain point at $60,000.

In addition, 206,000 Ethereum options contracts, valued at $560 million, will also expire. These Ethereum options have a put/call ratio of 0.96 and a max pain point of $2,950, which is significantly higher than current spot prices.

The total value of these expiring crypto options is $2.5 billion, contributing to increased market volatility.

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