Cryptocurrency trader and strategist Michaël van de Poppe, bitcoinof (BTC) commented on its next moves after hitting an all-time high earlier this week, indicating key price levels to watch.
In a video shared to his 136,000 subscribers on his YouTube channel, Michaël van de Poppe stated that Bitcoin (BTC) is currently in the second phase of the current long-term bull cycle and a possible downtrend is waning.
“At the stage we are in right now, we had a big run without any corrections. We also had a run of about 77% in August, but we had a 25% correction right after.”
According to all the arguments presented, we had a strong rise in Bitcoin and actually we are still in a bull cycle and we can see that we are now in its second phase.
According to the analyst, if the current bull cycle continues, the most basic level to watch is currently $ 75,000, followed by $100,000.
“If we look at the psychological points in the bitcoin price, the first target is $75,000. We know that the next psychological level is $100,000. Plus the entire region between $87,000 and $90,000. If this run continues, this level will be a very important resistance level.”
According to the analyst, there may be a correction in Bitcoin price between $ 70,000 and $ 75,000.
“Given the fact that people are going to profit, we could probably see a correction between $70,000 and $75,000. In addition, if the run is still ongoing, the $75,000 level will continue to be an important psychological level.”
Bitcoin is trading at $66,187 at the time of writing, down 1.7% from its all-time high, according to CoinGecko.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.