Crypto trader Michaël van de Poppe says he believes Bitcoin (BTC) offers a “lifelong opportunity” for investors willing to accumulate during the current recession.
Van de Poppe says that regardless of why Bitcoin fell, it is now undeniably undervalued.
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“Whether it’s Jane Street constantly manipulating the markets. Whether it’s the gamma options play that has driven down Bitcoin prices. Whether it’s a correlation with the software companies. It doesn’t matter.”
Bitcoin’s current valuation is extremely low. There have only been <5% of days where #Bitcoin has been cheaper than today.
The last few times this happened:
– January 2019: $BTC for $3K
– March 2020: COVID crash to $3.5K
– December 2022: the FTX low at $15,000”
From de Poppe say that almost every conversation he has about the global banking and financial system ultimately points to the importance of Bitcoin.
“Every time I talk to someone about the current state of the banking system, the financial system or money. It comes down to Bitcoin. Literally just Bitcoin.”
Yes, the price has dropped substantially, but that doesn’t mean it will continue to drop.
Most likely it just offers a lifetime opportunity to accumulate it at a cheap level.”
He points to on-chain and technical data, noting that one metric shows Bitcoin is the most oversold 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 start to recover, many participants dismiss early moves as “fake rallies” until the trend finally reverses.
Despite the volatility, the trader says Bitcoin is stuck in a consolidation range, calling the current environment a “waiting game” ahead of an expansion in volatility.
“It’s stuck in a range and is simply consolidating… Nevertheless, it means we’re still in an area where I’d like to buy the asset.”
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Generated image: Midjourney