As a seasoned crypto investor with several years of experience under my belt, I find the analysis of Michael van de Poppe and other cryptocurrency experts like Mkybull Crypto highly insightful. The recent closing of Bitcoin’s CME gap is an important indicator that suggests a potential relief bounce from the current price level. This bullish outlook aligns with my own perspective, and I believe that Bitcoin will reclaim the $60,000 support and continue its upward trend towards the minimum breakout target of $70,000.
As a dedicated researcher into the world of cryptocurrencies, I’ve come across an intriguing observation made by industry insider Michael van de Poppe. He has drawn attention to a significant technical indicator that hints Bitcoin could rebound from its present value around $60,000 after experiencing a recent downturn.
BTC’s CME Gap Has Closed
As a researcher studying the cryptocurrency market, I recently noticed an intriguing development: Bitcoin’s CME gap has now been filled, according to Van de Poppe’s latest post on X (formerly Twitter). This closure signifies that Bitcoin may be due for a bounce-back from its current price level. Based on the chart he provided, I anticipate that Bitcoin will recover and reclaim $60,000 as its new support before continuing to climb higher.
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As a researcher studying cryptocurrencies, I’ve observed that the CME gap has been filled, which is in line with the prediction made by Van de Poppe and confirmed by crypto analyst Mkybull. Bitcoin’s price movement has formed an inverse head-and-shoulders pattern on the daily chart, leading me to anticipate a minimum breakout target of $70,000 once it successfully surpasses the resistance level at $62,000.
Mikybull Crypto pointed out that the Moving Average Convergence/Divergence (MACD) signal for Bitcoin suggests an upcoming bullish crossover. This observation implies that Bitcoin’s price is gaining strength and is likely to increase in value, according to the crypto analyst. Despite Bitcoin’s recent lackluster performance, Mikybull remains optimistic and expects a significant price surge soon.
Some people may believe otherwise, but he asserted that the peak of the Bitcoin market cycle has not been reached yet. Instead, he described the current situation as a “final correction” before the ultimate high is attained. According to his analysis, Bitcoin’s price could still ascend beyond $100,000 and potentially touch $130,000 based on the data presented in the chart. Previously, this analyst had projected Bitcoin prices ranging between $138,000 and $150,000 during this bull market trend.
What Next For Bitcoin?
As a crypto investor, I’ve noticed the growing concerns in our community about Bitcoin’s inability to sustain its price above $60,000. Some voices are getting louder, predicting that the flagship crypto could plummet down to the $40,000 range imminently. However, CrediBULL Crypto, a well-known crypto analyst, has voiced his opinion that achieving such a low price requires significant events yet to unfold. In other words, it’s an unlikely scenario at present.
As an analyst, I’d like to share some perspectives based on CrediBULL Crypto’s analysis regarding Bitcoin’s future movement at its current price level. He suggests that Bitcoin might test the $58,000 mark as a wick or low before establishing a higher support above the $56,000 level. Furthermore, if the $56,000 support is broken, there’s a possibility that Bitcoin could retrace to the $53,000 demand area.
The crypto expert indicated that if Bitcoin doesn’t manage to stay above the $53,000 mark, there’s a possibility it could slide down to $40,000. However, he thinks this outcome is rather unlikely and advised against placing significant emphasis on it for now.
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2024-07-04 21:40