As a researcher with experience in the cryptocurrency market, I find Michael van de Poppe’s analysis insightful and noteworthy. His prediction that Bitcoin needs to break through $70,000 for a new all-time high is an interesting take, and his assessment of the current consolidation period is in line with other analysts’ expectations.
According to cryptocurrency specialist Michael van de Poppe, Bitcoin needs to surpass a significant price barrier for a successful breakout to occur. Once this milestone is reached, Bitcoin is anticipated to set a new record-high price (ATH).
Bitcoin Needs To Break Through $70,000
In a recent post on X, formerly known as Twitter, Van de Poppe expressed his belief that Bitcoin should surpass the $70,000 mark in its lower time frame (LTF) for it to reach a new all-time high (ATH).
The speaker additionally pointed out that significant support levels existed at the $67,000 mark for Bitcoin on shorter timeframes. Moreover, he emphasized the extended period of price stability for Bitcoin, as it had been hovering around this range for nearly three months.
The crypto specialist predicts that Bitcoin may remain stalled within this price range for an extended timeframe. This is due to his expectation of investors shifting their focus from Bitcoin to Ethereum and other alternative cryptocurrencies, which could result in Bitcoin experiencing a downward trend instead of advancing.
As an analyst, I’ve observed that the extended period of consolidation in Bitcoin’s price action was a predicted development. Arthur Hayes, the co-founder and former CEO of BitMEX, had forecasted that Bitcoin would remain within the range of $60,000 to $70,000 until August. Similarly, crypto analyst Rekt Capital has emphasized this point multiple times, stating that such a consolidation period benefits Bitcoin in the long run.
The flagship cryptocurrency reached a new all-time high (ATH) prior to the halving event, which then triggered a more rapid price increase. However, due to a prolonged period of consolidation, Bitcoin is currently attempting to align with past market trends following halving events. This delay could potentially extend the duration of the bull market. According to Rekt Capital’s analysis, if Bitcoin manages to synchronize with earlier bull cycles, it may reach its peak price somewhere between September and October in the upcoming year.
As a researcher studying the cryptocurrency market, I came across Rekt Capital’s latest post where they pointed out that Bitcoin is currently experiencing highs and there’s still room for more consolidation within this price range. However, the analyst cautioned that this phase might be nearing its end. Based on the chart provided, it appears that a breakout above the $70,000 resistance level could signal the beginning of a parabolic uptrend for Bitcoin.
BTC May Be Headed To $78,000 Next
Crypto analyst Mikybull has shared his perspective on Bitcoin’s potential price rise. According to him, Bitcoin has emerged from an inverted head and shoulders pattern, implying a bullish trend. Currently, Bitcoin is displaying a “bull flag” formation, signaling an impending price increase. Mikybull predicts that this upward move could push Bitcoin’s price up to $78,000.
As a crypto investor, I believe that the upcoming retest of Bitcoin’s support level could be a crucial step towards the anticipated “explosive rally” that might take us to new heights. If Bitcoin manages to surpass its current all-time high (ATH) of $73,800 and reach $78,000, it could pave the way for an exciting journey to $100,000 or even beyond. Analyst Crypto Jebb has previously expressed a strong probability that Bitcoin would break its ATH and potentially rally towards six figures.
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2024-05-27 18:04