Bitcoin (BTC) is expected to undergo consolidation at its current price as the altcoin market begins to stabilize, according to market analyst Van de Poppe.
Van de Poppe, the Founder of MN Capital and an experienced analyst, recently shared his analysis chart for BTC on X. He highlighted two key support ranges, which are $51,000 to $52,500 and $45,000 to $47,000.
The analyst mentioned that Bitcoin is currently in a phase of consolidation at its current price level. Interestingly, the daily relative strength index (RSI) has been fluctuating in a choppy manner, indicating a range-bound movement.
In his chart, Van de Poppe emphasized that BTC is experiencing a “period of boredom,” suggesting a lack of significant market movement. However, he also pointed out that if Bitcoin experiences a correction, the aforementioned support levels should be closely monitored.
With geopolitical turmoil and uncertainty surrounding the Federal Reserve’s interest rates, the momentum that drove BTC’s price above $72,000 on April 8 has waned, and the price has settled around $62,100.
As market uncertainty grows, Van de Poppe’s chart highlights immediate support and resistance levels to watch out for. BTC has a strong support at $60,748, which could prevent further declines in the event of a correction.
On the other hand, if Bitcoin maintains its recent recovery push, it could face significant resistance at the April 13 high of $67,789. Breaking above this level could propel Bitcoin’s price back towards its recent all-time high above $73,000.
Van de Poppe, who is now speculating on an altcoin bottom, recently shared his top 10 list of altcoins to buy during the market dip. The list includes Chainlink (LINK), Polkadot (DOT), Cosmos (ATOM), and Arbitrum (ARB).
In response to Van de Poppe’s BTC analysis chart, the community expressed a consensus on consolidation and optimistic expectations for the future.
Despite a 10% decline over the past seven days, BTC’s 24-hour trade volume currently stands at $44,074,301,671. The asset is currently trading at $62,408, experiencing a slight 0.46% decline over the past 24 hours.
Disclaimer: This content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article are solely those of the author and do not reflect the views of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic is not liable for any financial losses incurred.
