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Technical Analysis

Bitcoin Analyst Predicts Key Moment for BTC

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.

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.

READ MORE: Bank of Montreal Enters Bitcoin ETF Market Amid Institutional Adoption Surge

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.

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.

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