Analyst Michaël van de Poppe, one of the well-known names in the cryptocurrency markets, states that Bitcoin is at a critical point and faces an uncertain future. According to Poppe, Bitcoin’s price will either reach all-time highs or experience a significant pullback in the near future.
Bitcoin’s price movements are considered a factor that significantly affects the overall direction of the cryptocurrency market. Poppe believes that Bitcoin will now show a clear signal of action, and predicts that this signal could have far-reaching consequences that will also affect other cryptocurrencies.
According to Poppe’s analysis, Bitcoin’s price will follow one of two possible scenarios in the coming period. In the first scenario, Bitcoin will continue its rise by making an attack towards the highest levels in its history, and this will lead to an optimistic atmosphere in the cryptocurrency market. However, in a second scenario, Bitcoin could experience a major pullback, dropping its price significantly, creating a turning point in the market.
“A critical decision for Bitcoin is approaching. For Bitcoin, the lower range between $60,500 and $61,000 still holds, and a break of $63,000 is the next obstacle to a new rally towards a new all-time high. “If $60,500 is lost, I think we will see $52,000-55,000 as the next support zone.”
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At the time of this writing, Bitcoin is worth $62,527.
The analyst also closely follows the TOTAL2 chart, which investors use to track altcoin markets; because this graphicIt measures the total value of the crypto market, excluding Bitcoin and stablecoins. Van de Poppe thinks it may take a few weeks for TOTAL2 to start a new uptrend.
“After another one to two weeks of consolidation, we are poised for an upward reversal in altcoin market value.”
Based on the trader’s chart, it seems to suggest that TOTAL2 is in the process of bottoming after maintaining the $900B support. TOTAL2 is traded at $970 billion at the time of this writing.
Finally, Van de Poppe states that investors are bearish on altcoins, but the charts show that the trend may be close to a reversal.
“Many altcoins are making double bottoms, where the probability of an uptrend increases significantly. On the contrary, sentiment is at a low level as people expect further downward momentum to occur. “Things can change quickly.”
You can access current market movements here.
