Michaël van de Poppe, founder of MN Trading and a prominent market analyst, posted on X on Tuesday, November 3, 2026, at 08:16 UTC, stating that "#Bitcoin is going for the obvious long at $75,000. Clear rejection has taken place at $79,000 resulting into a correction all the way back towards the lows. It's the day of the midterms. Today could easily be the day that the markets are reaching their low and reverse back upwards, in a scenario of 'sell the rumor, buy the news' type."
Bitcoin is currently trading at $76,924, down 1.3% over the past 24 hours. The cryptocurrency has experienced recent outflows, including BlackRock's Bitcoin ETF posting a $405 million outflow, its largest in four months. Furthermore, 7,499 BTC flowed to Binance as a whale liquidated a position, and an 830 Bitcoin inflow to Coinbase indicated potential sell pressure around the $77,000 level. The Crypto Fear & Greed Index registers 26, indicating 'Fear' in the market.
Van de Poppe's view suggests that the current market downturn, following a rejection at $79,000, may represent a bottom. He implies that the midterm elections could act as a catalyst for a rebound, characteristic of a 'sell the rumor, buy the news' event, where uncertainty dissipates post-election. Investors might watch for Bitcoin's price action around the $75,000 mark for signs of a reversal.
