Cryptocurrency analyst Michaël van de Poppe is saying that Bitcoin (BTC) is about to hit a six-determine worth within the present bullish cycle.
The crypto analyst notes that after Bitcoin broke above the $55,000 worth for the primary time since May, the flagship crypto asset’s present assist is across the $49,800 to $51,000 degree.
In case of a correction, Bitcoin may plummet to between $40,000 and $44,000, in line with Van de Poppe.
“So, at this level I believe that given the breakout that we’ve acquired, the extent that we ought to be watching is the vary low that we have now been performing in beforehand to. So this whole area that we’ve acquired on the lows right here, which is that space between $49,800 to $51,000.
If we’re going to get a correction, that’s the degree that for now could be the essential degree for me. Because if we’re going to lose that zone, I believe we’re going to shortly [go] beneath this degree round $47,000 and drop all the best way again in direction of right here [between $40,000 and $44,000].”
On the opposite hand, Van de Poppe says the bullish outlook is for Bitcoin to vary earlier than breaking above the present file excessive of $64,804.
The cryptocurrency analyst says Bitcoin is prone to replicate a earlier sample, when BTC surged from round $15,000 to barely over $63,000, earlier than probably reaching a brand new all-time excessive of not less than $250,000.
“So we get some sideways action, get to watch the all-time high, get down sideways action, big breakout. And then we get into the final phase in which you can simply copy-paste this entire run [$15,000-$63,000] towards the one that we have above $63,000. And then we probably assume that we’re going to get towards $250,000 or higher.”
Bitcoin has appreciated by 30% over the previous seven days and is buying and selling at $54,245 on the time of writing, in line with CoinGecko.
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