In his latest analysis, seasoned crypto analyst Michaël van de Poppe made a prediction about the timeline for Bitcoin to retest its all-time high price. He utilized Bitcoin’s 4-hour chart to support his claim, stating that the cryptocurrency had set up for a potential price increase in the coming weeks, with the potential to break through key price thresholds.
As of the analysis, Bitcoin was trading around $68,400, and has since increased to $68,880. Recent liquidity taken at levels near $67,000 suggests that Bitcoin could be gaining momentum to surge higher. The presence of liquidity zones and support levels within the $64,000 to $65,000 range indicates active buyer defense in these areas, providing a strong foundation for an upward move.
As Bitcoin approaches its all-time high, minor pullbacks may occur, but these are seen as healthy corrections that will pave the way for a sustained uptrend. The chart highlights major resistance zones around the ATH levels of $71,600 and $73,600. Van de Poppe expects Bitcoin to retest this area in the next two weeks, with the potential for a slight correction before gathering strength to overcome it.
Van de Poppe anticipates a pullback around the $66,000 level, where another liquidity zone exists, which he expects to act as a demand zone, supporting Bitcoin’s price in the face of temporary downward pressure.
In addition to technical analysis, van de Poppe also considered the impact of macroeconomic events on Bitcoin’s momentum. Rising bond yields and uncertainty in traditional markets due to the upcoming U.S. presidential election may drive further demand for Bitcoin. Any dovish stance by the FED regarding interest rates could also enhance Bitcoin’s appeal.
Notably, legendary trader Peter Brandt has suggested that Bitcoin remains in an inverted broadening triangle, a bearish structure, despite the recent upward push. According to Brandt, BTC would need to breach the $72K mark before it can look toward new heights.
It’s important to note that this content is informational and should not be considered financial advice. Readers are encouraged to do thorough research before making any investment decisions, and understand that The Crypto Basic is not responsible for any financial losses.
