Michaël van de Poppe, a closely followed analyst in the cryptocurrency markets, stated that Bitcoin has largely completed its bottoming out and a new uptrend is forming in the coming period.
According to the analyst, the leading cryptocurrency Bitcoin could move towards the $90,000-$95,000 range in the short term.
Van de Poppe argued that while the possibility of a pullback to lower levels hasn’t been completely ruled out when looking at historical data, it’s highly unlikely. The analyst stated that Bitcoin’s price has already undergone the necessary technical corrections, recalling that the price previously fell below the 50-week moving average and retreated as far as the 200-week moving average.
The analyst noted that a re-break above the 200-week moving average is a rare occurrence, having only happened during “black swan” events like the FTX and Terra Luna crashes. Therefore, he stated that a similar downward scenario is unlikely under current market conditions.
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According to the analyst, the fact that the price continues to stay below the 200-week moving average and is moving upwards indicates that the $60,000 level is gaining strength as a bottom. Furthermore, the general market recovery trend increases the likelihood of Bitcoin retesting the 50-week moving average. This level is noted as a significant resistance point around $93,000.
Van de Poppe stated that optimistic expectations surrounding the Clarity Act in the US over the next 1-2 months, strength in technology stocks (particularly the Nasdaq Composite), and developments from the Fed are among the catalysts that could drive the Bitcoin price upwards.
However, the analyst does not rule out the possibility of a correction after a potential rise. He notes that if Bitcoin rises more than 50% from the $60,000 level, the price could retreat back to the $75,000-$80,000 range. However, he adds that the probability of seeing new lows is quite low. Touching upon the altcoin market, Van de Poppe stated that a selective rise could occur in the short term, followed by a correction along with Bitcoin. According to the analyst, the truly strong altcoin performance could begin after Bitcoin breaks above its 50-week moving average.
*This is not investment advice.
Continue Reading: Expert Analyst Says Bitcoin Has Bottomed Out – “A Move Toward $90,000 Is Possible” – Is the Altcoin Season Coming Soon?