Important statements came from a senior US official who raised Bitcoin above $ 41,000. Bitcoin (BTC) rallied earlier today as comments from US Treasury Secretary Janet Yellen indicated that US President Joe Biden’s long-awaited crypto directive would take a constructive approach to regulating the crypto industry. Crypto analyst Michaal van de Poppe, who is notorious for his predictions, will see a few more losses before re-entering another bull market. Here are the reasons…
How will the next bull cycle fire?
Van de Poppe, whose analysis we share as Kriptokoin.com, told his 165,000 subscribers in a recent Youtube video that Bitcoin may soon fall into the $36,000 price zone. Bottoms will provide “some petrol” to give BTC momentum and climb to the $40,000-41,000 level, according to the crypto expert. Poppe comments on the current levels:
If we look at the daily (chart)… We broke resistance once again, we got liquidity…This is also a new level, so I predict we will see a pullback to around $36,000…above $41,100 we’re out, we have this trend that you can call a bearish signal or whatever, and then we reject it and go down to absorb all (that liquidity) and then back into the bullish cycle.
“I will buy Bitcoin at these levels”
Van de Poppe said he will buy Bitcoin if the price rises above $46,000 or if it loses too much liquidity and falls below $30,000 . He claims that if Bitcoin only bounces to $41,000 as he expected, it will “reduce his risk.”
Binance has grown its Bitcoin balance by 120% in the last 2 years alone
On the other hand, on-chain data shows that Binance has seen a sharp growth in Bitcoin dominance over the past few years, and that the crypto exchange currently has total reserves. It shows that it leads to retention of more than 22%. According to Glassnode’s latest weekly report, the crypto exchange currently holds 22% of its total foreign exchange reserves.
As the chart above shows, Binance Bitcoin dominance was around 8% from 2018 to 2020. However, the dominance of the stock market over the past few years broke the recession and experienced sharp growth
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