Bitcoin Analyst Predicts Key Moment for BTC
A popular cryptocurrency analyst and trader believes Bitcoin (BTC) is approaching a critical juncture.
Michaël van de Poppe suggests that Bitcoin is on the verge of either reaching a new all-time high or experiencing a significant downturn.
Crucial decisions approaching for #Bitcoin.
The range low at $60.5-61K is still holding up for Bitcoin, through which breaking $63K is the next barrier for a new run towards the all-time high.
If $60.5K is lost, I think we'll see $52-55K as the next support zone. pic.twitter.com/VoErZ1WVQv
— Michaël van de Poppe (@CryptoMichNL) May 14, 2024
Van de Poppe emphasizes the importance of Bitcoin maintaining its support level at $60,500 to initiate a substantial upward movement. Failure to hold this level could lead to a drop towards $50,000, according to his analysis.
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Additionally, the analyst is closely monitoring the TOTAL2 chart, which tracks the altcoin markets excluding Bitcoin and stablecoins. Van de Poppe anticipates that TOTAL2 could begin a new uptrend in the coming weeks after a period of consolidation.
One to two weeks of some more consolidation and we're ready to reverse back upwards on the #Altcoin market capitalization. pic.twitter.com/vtMNOJ23WN
— Michaël van de Poppe (@CryptoMichNL) May 13, 2024
According to his charts, TOTAL2 appears to be forming a bottom around the $900 billion support level and is currently trading at $970 billion.
Despite prevailing bearish sentiment towards altcoins, Van de Poppe highlights the potential for a trend reversal, noting that many altcoins are showing signs of double bottoms, indicating a possible rally ahead. He cautions against overly pessimistic sentiments, suggesting that market conditions can shift rapidly.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
