Cryptocurrency analyst Michaël van de Poppe is saying that Bitcoin (BTC) is about to hit a six-figure value within the present bullish cycle.
The crypto analyst notes that after Bitcoin broke above the $55,000 value for the primary time since Could, 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 keeping with Van de Poppe.
“So, at this level I believe that given the breakout that we’ve obtained, the extent that we ought to be watching is the vary low that we’ve been performing in beforehand to. So this complete area that we’ve obtained 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’s the essential degree for me. As a result of if we’re going to lose that zone, I believe we’re going to rapidly [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].”
Alternatively, Van de Poppe says the bullish outlook is for Bitcoin to vary earlier than breaking above the present document 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 a minimum of $250,000.
“So we get some sideways motion, get to observe the all-time excessive, get down sideways motion, massive breakout. After which we get into the ultimate section in which you’ll be able to merely copy-paste this complete run [$15,000-$63,000] in direction of the one which we’ve above $63,000. After which we most likely assume that we’re going to get in direction of $250,000 or greater.”
Bitcoin has appreciated by 30% over the previous seven days and is buying and selling at $54,245 on the time of writing, in keeping with CoinGecko.
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