Crypto Expert Michael van de Poppe has a important price level from which Bitcoin must break out. He claims that once the flagship cryptocurrency achieves a successful breakout, it will new all-time high (ATH).
Bitcoin must break through the $70,000 mark
Van de Poppe mentioned in an X (formerly Twitter) post that Bitcoin needs to break the $70,000 mark based on the lower time frame (LTF). Once this happens, the analyst claimed that Bitcoin is likely to see a new ATH.
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He also noted that the lower time frames held at $67,000. At the same time, he emphasized Bitcoin's long consolidationand stated that almost three months have passed since the crypto token remained in this range. .
Source: X
However, the crypto expert believes that Bitcoin is likely to remain in this range for a “significant period of time”, with the Flagship Crypto possibly traded lower. This is because it predicts a rotation of Bitcoin towards Ethereum and other altcoinswhich will prevent the flagship cryptocurrency from moving higher.
This long consolidation phase was expected from BTC. Arthur Hayesthe co-founder and former CEO of BitMEX, predicted that the crypto token would continue to fluctuate between $60,000 and $70,000 until August. Crypto analyst Rekt Capital has also repeated mentioned that Bitcoin will go through such a long consolidation phase, which he believes is good for Bitcoin.
He noted how the flagship cryptocurrency hit a new all-time high before the Halving event brought about an accelerated cycle. However, a long consolidation phase means that Bitcoin is trying to sync with previous halving cycles. He suggested that this is better as it will extend the bull run. Rekt Capital claimed that if it successfully syncs with the previous bull cycles, Bitcoin will peak sometime in September or October next year.
In a recent X-PostRekt Capital mentioned that “there is still room for further consolidation at these highs,” but added that the time left in this phase is “running out slowly.” The chart shared by the analyst suggested that Bitcoin simply needs to break out of the $70,000 area before it can enter the “parabolic uptrend” Phase.
Source: X
BTC could head for $78,000 next
Crypto analyst Mikybull Crypto recently recommended that Bitcoin could be on the way to 78,000 US dollars on its next uptrend. He announced that the flagship cryptocurrency broke out of an inverse head and shoulders pattern and is currently “bullish for the next move.” He highlighted $78,000 as the price target for that next move.
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In a subsequent X-Posthe claimed that a retest of the support level by BTC could be the next step before this “explosive rally” finally takes place. A potential rise of Bitcoin to $78,000 is significant as it could clear the way for the Flagship crypto to reach $100,000Crypto analyst Crypto Jebb previously mentioned that it is “very likely” that Bitcoin would rise to $100,000 if it breaks its current all-time high of $73,800.
BTC price fails to break $70,000 | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
