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Prominent trader and market analyst Michael van de Poppe believes that Bitcoin is likely to continue rising, setting concrete targets for the world's leading cryptocurrency's price moves.
In the meantime, the Bitcoin Fear and Greed Index remains in the greed zone, suggesting that investors are now likely to begin selling part of their BTC.
"Target remains $36,500-$37,000"
In his X post published today, Poppe shared a Bitcoin chart with a clear upward movement that has been taking place recently on it. The analyst stated that this is "the classic grind upwards" for Bitcoin.
He believes the target for BTC remains at the $36,500-$37,000 levels, and Bitcoin will continue moving toward them. "Classic liquidity drops take place, but the trend is clearly upwards," Poppe added.
The classic grind upwards is taking place for #Bitcoin.
— Michaël van de Poppe (@CryptoMichNL) November 6, 2023
Probably we'll continue towards new highs (target remains $36,500-37,000).
Classic liquidity drops take place, but the trend is clearly upwards. pic.twitter.com/xYG8gkEfWs
Bitcoin market overheated, Index in "greed" zone
Since the end of last week, the Bitcoin Fear and Greed Index has been showing the "greed" reading. Today, this index shows 71. It has moved there from 65 since Friday. The "greed" reading may suggest that the market is overheated and investors are likely to begin selling some of their BTC holdings to take profits.
When the index enters the "fear" zone, it means that they may begin buying. As if to confirm this assumption, over the past few days, several large chunks of Bitcoin have been moved to major exchanges Bitfinex, Binance and Coinbase.
Several large transfers were picked up by Whale Alert tracker, carrying 27,775 BTC, and several smaller transfers under 1,000 BTC.
Bitcoin network hits new milestone
Despite the market being in the "greed" zone, according to analyst Ali Martinez, the BTC network has surpassed an important new milestone as it continues to grow.
On Sunday, in a single day, Martinez writes in his X post, more than 700,000 new Bitcoin wallets were created. He is certain that Bitcoin network growth indicates a possible price surge as well.
#Bitcoin | More than 700,000 new #BTC addresses created yesterday alone. This is an important milestone, as #BTC network growth is the best price predictors! pic.twitter.com/BYQsh2l4OI
— Ali (@ali_charts) November 5, 2023
Charlie Munger bashes Bitcoin
An associate of renowned investor Warren Buffett, his right-hand man, Charlie Munger, poured criticism on Bitcoin in his recent interview with the Wall Street Journal.
Munger's critique of Bitcoin was about throwing a "stink ball" into the well-refined recipe of traditional finance. He believes that rather than helping to support the current financial system, Bitcoin is disrupting it. In his opinion, a hard currency has always been a leading one throughout the history of mankind.
Instead of putting hard-earned money into Bitcoin, he suggested that average investors could put their money into index funds.