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Crypto expert Michael van de Poppe has outlined an important price level from which Bitcoin must break out. He claims that once it achieves a successful breakout, the flagship crypto will see a new all-time high (ATH).
Bitcoin Needs To Break Through $70,000
Van de Poppe mentioned in an X (formerly Twitter) new ATH.
He also noted that lower timeframe regions at $67,000 were holding. Meanwhile, he highlighted Bitcoin’s long consolidation, stating that almost three months have passed since the crypto token remained in that range. .
However, the crypto expert believes that Bitcoin will likely remain stuck in this range for a “substantial period,” with the flagship crypto possibly trading lower. This is because he foresees a rotation from Bitcoin towards Ethereum and other altcoins, which will cause the flagship crypto not to move to the upside.
This long consolidation period was expected from BTC. predicted that the crypto token would continue to range between $60,000 and $70,000 until August. mentioned that Bitcoin will face such a long consolidation period, which he claimed is good for Bitcoin.
He noted how the flagship crypto hit a new ATH before the halving event brought about an accelerated cycle. However, a long consolidation period means Bitcoin is trying to resynchronize with previous halving cycles. He suggested this is better since it will make the bull run longer. Rekt Capital claimed If it successfully resynchronizes with the previous bull cycles, Bitcoin will peak sometime in September or October next year.
In a recent ‘parabolic uptrend’ phase.
BTC May Be Headed To $78,000 Next
headed to $78,000 on its next leg up. He revealed that the flagship crypto had broken out of an inverse head and shoulders pattern and was currently “bull flagging for the next move.” He highlighted $78,000 as the price target for this next move.
In a subsequent flagship crypto to hit $100,000. Crypto analyst Crypto Jebb previously mentioned that there is a “great degree of likelihood” that Bitcoin would rally to $100,000 should it break its current ATH of $73,800.
