According to Michaël van de Poppe, many participants who wanted to buy at these levels when BTC traded near 120,000 are now absent and instead aim to buy around 25,000, signaling a shift toward lower entry expectations and cautious sentiment (source: Michaël van de Poppe, X, Nov 22, 2025). For traders, the 25,000 level highlighted by the author is a key downside zone to map for potential bids and liquidity, while the lack of interest at current levels indicates a wait-for-dip mindset that can shape order flow and execution planning (source: Michaël van de Poppe, X, Nov 22, 2025).