Renowned crypto analyst Michaël van de Poppe has made a bold prediction about the future of Bitcoin, forecasting that the cryptocurrency will soon retest its all-time high price. This forecast was made in his latest analysis, which was based on Bitcoin’s 4-hour chart. Van de Poppe argued that Bitcoin had set itself up for a price increase in the coming weeks, emphasizing that it was on the brink of breaking price thresholds that could propel it towards its all-time high.
The 4-hour chart revealed a bullish structure, with Bitcoin trading at around $68,400 at the time of the analysis. Since then, the asset has increased to $68,880. Recent liquidity taken at levels near $67,000 suggests that Bitcoin may be gathering momentum to surge higher.
The presence of liquidity zones and support levels within the $64,000 to $65,000 range indicates that buyers are actively defending these areas, which could provide a strong foundation for an upward move. Bitcoin seems to have “taken liquidity” in these zones.
As Bitcoin approaches its all-time high, the chart indicates some minor pullbacks, but these are healthy corrections that will pave the way for a sustained uptrend. The chart highlights major resistance zones around the $71,600 and $73,600 levels, the all-time high levels. A push toward these barriers would lead to a breach of the all-time high. Van de Poppe expects Bitcoin to retest this area in the next two weeks. Meanwhile, the zone, representing an area for taking liquidity, could initially trigger a slight correction before Bitcoin gathers strength to overcome it.
Van de Poppe also took into consideration the impact of macroeconomic events, which he believes could drive Bitcoin’s momentum. Several upcoming events may affect the cryptocurrency market. For instance, rising bond yields have historically influenced Bitcoin prices, as investors seek alternative stores of value. If yields peak, as van de Poppe expects, it may fuel further demand for Bitcoin. Additionally, the upcoming U.S. presidential election is generating uncertainty in the traditional markets, leading some investors to turn to cryptocurrencies as a hedge. Also, any dovish stance by the FED regarding interest rates could also enhance Bitcoin’s appeal.
It’s important to note that this information is for informational purposes and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
