Recently, crypto expert Michael van de Poppe pointed out a significant indicator that suggests Bitcoin could experience a vital bounce from its current price level following a decline below $60,000. In a post on X (formerly Twitter), Van de Poppe mentioned that Bitcoin’s CME gap has closed, indicating that it might be time for the crypto token to enjoy a relief bounce. According to the chart he shared, Bitcoin is expected to reclaim $60,000 as a support level before moving further upward.
Crypto analyst Mkybull Crypto also confirmed that the CME gap has been filled and shares a similar prediction to Van de Poppe’s. Expecting Bitcoin to reclaim the $60,000 range and continue its upward trend, Mkybull Crypto highlighted that Bitcoin has completed an inverse head-and-shoulder pattern on the daily chart. Moreover, the analyst predicts that the flagship crypto could potentially reach a minimum breakout target of $70,000 if it successfully breaks out above $62,000.
Mkybull Crypto also pointed out that the Moving Average Convergence/Divergence (MACD) indicator suggests a bullish cross is imminent for Bitcoin, indicating strength and a potential price increase. Despite Bitcoin’s recent underperformance, the analyst remains confident in a parabolic rally occurring soon. Dismissing concerns about the cycle top, Mkybull Crypto predicts that Bitcoin could still climb above $100,000 and potentially reach $130,000, with previous mentions of $138,000 to $150,000 as optimal targets for this bull run.
However, with Bitcoin failing to hold above $60,000, bearish calls are growing louder within the crypto community. Some anticipate the flagship crypto dropping to the $40,000 range in the near future. Crypto analyst CrediBULL Crypto acknowledges the possibility but believes that there is still much to be done for Bitcoin to reach that range, suggesting it is unlikely to happen soon. Providing insights into Bitcoin’s potential movements at its current price level, CrediBULL Crypto suggests scenarios where Bitcoin may wick the $58,000 low, establish a higher low above the $56,000 level, and then reverse. Additionally, there’s a mention of the potential for Bitcoin to drop into the $53,000 demand area if the $56,000 lows are breached, with further speculation of $40,000 becoming a reality if Bitcoin fails to hold above $53,000.
This variety of perspectives from different analysts showcases the uncertainty and volatility surrounding Bitcoin’s current price movements. While some analysts remain bullish and optimistic about a potential bounce and further upward trajectory, others express caution and predict potential downward movements. As the market continues to react to various indicators and external factors, only time will tell which direction Bitcoin will ultimately take.
Leave a Reply