Crypto trader Michaël van de Poppe says he believes Bitcoin (BTC) is offering a “lifetime opportunity” for investors willing to accumulate during the current downturn.
Van de Poppe says regardless of why it’s fallen, Bitcoin is now unmistakably undervalued.
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“Whether it’s Jane Street constantly manipulating the markets. Whether it’s the gamma play on options that has been pushing down the prices on Bitcoin. Whether it’s a correlation with the software companies. It doesn’t matter.
The current valuation of Bitcoin is extremely low. There have been only <5% of the days when #Bitcoin has been cheaper than today.
The last few times this happened:
– January 2019: $BTC at $3K
– March 2020: COVID crash to $3.5K
– December 2022: The FTX low at $15K”
Van de Poppe says that nearly every conversation he has about the global banking and financial system ultimately points to the importance of Bitcoin.
“Every time I talk with someone about the current state of the banking system, financial system or money. It comes down to Bitcoin. Literally just Bitcoin.
Yes, price has fallen substantially, but that doesn’t mean that it will continue to fall.
Highly likely it’s just presenting a lifetime opportunity to accumulate it at cheap levels.”
He points to on-chain and technical data, noting that one metric shows Bitcoin is the most oversold it has been since 2018, a period that marked the depths of the last major bear market before a multi-year recovery.
He adds that when markets eventually begin to rebound, many participants dismiss early moves as “fake rallies” until the trend firmly reverses.
Despite the volatility, the trader says Bitcoin is stuck in a consolidation range, calling the current environment a “waiting game” ahead of a volatility expansion.
“It’s stuck in a range and simply consolidating… Nonetheless, this means that we’re still in an area where I’d fancy buying the asset.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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