Popular crypto analyst Michaël van de Poppe thinks Bitcoin (BTC) is not at risk of a sudden collapse in the coming months.
Van de Poppe tells his 821,000 followers on X that the top crypto asset by market cap is showing increasing signs of a bullish market structure and thinks Bitcoin will attempt to break through the major resistance level at $88,000, a more than 9% increase from its current value.
“There’s clearly no reason to expect Bitcoin to fall, out of nowhere. There’s the general consensus that we’re in a bear flag and that we must see $50,000 later this year. How so? Didn’t we have to see no new ATH (all-time high) before the halving either? The recent shock in February has been one of the heaviest ever. Comparable to the COVID-crash. I remember that a lot of people were shouting for new lows after that started to get some momentum. The same for 2018. We touched upon $3,300, but we were definitely going to see lower grounds. I don’t think we need to. We can easily test $70,000-$75,000 again, but for now, we’re going higher.
The price of Bitcoin acts above the 21-Day MA, (moving average) is clearly flipping levels for support and there’s a clear constant bid coming up, while the Nasdaq remains as strong as it is. Next area of resistance is between $85,000-$88,000.”
Bitcoin is trading for $80,492 at time of writing, down 1.5% in the last 24 hours.
The analyst is also predicting massive breakouts for altcoins, suggesting the digital assets will benefit from increased market confidence and liquidity flow from Bitcoin’s gains.
“There’s significantly more upside to come for altcoins. Most of them have barely moved against BTC. Literally almost nothing. Quite often, these moves are violent and fast. They are not gradual as hype cycles are short-lived. That’s why you position before the actual move occurs rather than during the move.
We’re in that stage where altcoins are making that move upwards with strong 20%+ days in between (those are primarily due to technical breakouts or liquidations). We’ll see more of those in the coming one-to-two months, before we’ll start to have more corrections. The higher Bitcoin goes, the more momentum altcoins will have.”
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This post Analyst Says No Reason for Bitcoin Reversal, Sees BTC Approaching Next Resistance Levels – Here Are His Targets appeared first on The Invezz.
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