Cryptocurrency analyst Michaël van de Poppe is saying that Bitcoin (BTC) is ready 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 May, the flagship crypto asset’s present help is across the $49,800 to $51,000 stage.
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 obtained, the extent that we must be watching is the vary low that we have now 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 stage that for now could be the essential stage for me. Because if we’re going to lose that zone, I believe we’re going to rapidly [go] beneath this stage round $47,000 and drop all the way in which again in the 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 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 look at the all-time excessive, get down sideways motion, large breakout. And then we get into the ultimate part in which you’ll merely copy-paste this complete run [$15,000-$63,000] in the direction of the one which we have now above $63,000. And then we in all probability assume that we’re going to get in the direction of $250,000 or larger.”
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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