In his latest technical analysis, prominent crypto analyst Michaël van de Poppe highlighted Bitcoin ongoing bullish trajectory, with a price movement that hints at a breakthrough to its all-time high (ATH). Examining Bitcoin’s 4-hour chart, van de Poppe points out that BTC, which recently moved from $68,400 to $68,880, shows signs of a robust setup for further gains, eyeing the potential to shatter critical price thresholds in the weeks ahead.
Key Bitcoin Levels Pave The Way For Bullish Momentum
According to van de Poppe, Bitcoin’s recent surge comes as the cryptocurrency actively tests important support levels and liquidity zones, indicating a strong foundation for its upward momentum. Bitcoin’s activity around the $67,000 mark has taken liquidity from a significant price zone, hinting at potential for a further climb. Key support levels between $64,000 and $65,000 have held firm, showing clear signs of buying pressure as market participants defend these zones.
“Liquidity zones around $67,000 are crucial, as they show active buying interest,” van de Poppe observed, adding that Bitcoin’s behavior in these zones reflects buyers stepping in to create a steady base. This buying momentum could provide the necessary support for Bitcoin to reach even higher levels in the near future.
Testing the Heights – Bitcoin’s Path to ATH
As Bitcoin approaches its ATH, minor pullbacks appear on the horizon—healthy corrections that van de Poppe believes are necessary for long-term sustainability. Key resistance levels are forming around $71,600 and $73,600, where Bitcoin will face a significant test. A successful push through these barriers could lead to a breakthrough of Bitcoin’s ATH, potentially setting new price records.
In his analysis, van de Poppe anticipates that Bitcoin may revisit these resistance zones in the coming two weeks. However, he warns of a potential correction around $66,000, another liquidity zone that could act as a support level if Bitcoin temporarily dips. This level could be crucial, providing a cushion that could protect Bitcoin’s upward movement should short-term selling pressure arise.
Beyond technical factors, van de Poppe highlights several macroeconomic events that may further influence Bitcoin’s price. With rising bond yields and an upcoming U.S. presidential election, traditional market uncertainties are driving investors to seek alternative assets. If bond yields reach a peak, as van de Poppe expects, Bitcoin may attract more investors looking for a store of value outside traditional markets. Additionally, if the Federal Reserve hints at a dovish stance on interest rates, Bitcoin’s appeal as a hedge asset could strengthen further.
The geopolitical landscape also adds another layer to Bitcoin’s potential movement, as crypto’s limited supply becomes increasingly attractive in volatile times. Such market factors combined could catalyze Bitcoin’s approach to its ATH.
Also Read: Bitcoin Set to Soar – Experts Predict $100K By 2025 As Market Cap Reaches $2.33T!
Interestingly, legendary trader Peter Brandt offers a contrasting perspective, suggesting that Bitcoin remains within an inverted broadening triangle—a bearish pattern. Brandt cautions that Bitcoin would need to breach the $72,000 level to sustain a bull run toward new ATHs. Although van de Poppe’s bullish sentiment remains intact, Brandt’s outlook highlights that Bitcoin must decisively break past $72K to fully confirm its upward momentum.
Bitcoin Bulls Eye Breakout as Market Aligns
As Bitcoin steadily moves closer to breaking through its previous high, its recent market structure, coupled with macroeconomic conditions, offers a promising setup. Traders will closely watch critical levels between $66,000 and $73,600, as these areas could define Bitcoin’s trajectory over the next few weeks. For now, both technical patterns and broader economic factors signal that Bitcoin is on the cusp of a significant breakout, with bulls gathering strength to push it toward its highest levels yet.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
