Cryptocurrency expert Michael van de Poppe has recently pointed out a key indicator that hints towards a potential bounce for Bitcoin from its current price level. Following Bitcoin’s decline below $60,000, Van de Poppe mentioned in a social media post that Bitcoin’s CME gap has now closed, signaling a possible relief bounce for the crypto asset. According to the chart shared by Van de Poppe, Bitcoin is expected to establish $60,000 as a support level before moving higher.
Another crypto analyst, Mkybull Crypto, supported Van de Poppe’s observation by confirming that the CME gap has indeed been filled. Like Van de Poppe, Mkybull Crypto anticipates Bitcoin to reclaim the $60,000 range and potentially continue its upward trajectory. Mkybull Crypto highlighted the completion of an inverse head-and-shoulder pattern on Bitcoin’s daily chart, projecting a breakout target of $70,000 upon surpassing $62,000. The analyst also pointed out a bullish signal from the Moving Average Convergence/Divergence (MACD) indicator, suggesting a forthcoming uptrend for Bitcoin.
Despite recent underperformance, experts like Mkybull Crypto remain confident in Bitcoin’s long-term prospects. He dismissed the notion of a nearing cycle top and described the current market movement as a “final shakeout” before a potential parabolic rally. Based on his analysis, Mkybull Crypto predicts Bitcoin could surpass $100,000 and potentially reach levels around $130,000, with previous estimates indicating targets between $138,000 and $150,000 for this bull run.
However, not everyone shares the same optimism regarding Bitcoin’s future price movement. With Bitcoin struggling to maintain levels above $60,000, bearish predictions have emerged within the crypto community. Some analysts suggest that Bitcoin might retreat to the $40,000 range in the near future. CrediBULL Crypto, a prominent voice in the space, mentioned the need for further downside before such a significant drop could occur, indicating that a swift decline is unlikely at this stage.
CrediBULL Crypto outlined potential scenarios for Bitcoin at its current price level, predicting various outcomes based on key support levels. There is a possibility that Bitcoin could briefly touch the $58,000 mark, establish a higher low above $56,000, and initiate a reversal from there. However, if the $56,000 support fails to hold, CrediBULL Crypto suggested a potential descent towards the $53,000 demand area. Moreover, he warned that a breach below $53,000 could open up the path for Bitcoin to test the $40,000 region.
While expert opinions on Bitcoin’s future vary, the overall consensus suggests a mix of bullish and bearish sentiments in the current market environment. Investors and traders are advised to closely monitor key price levels and indicators to navigate the evolving landscape of the cryptocurrency market.
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