Van de Poppe Lays Out Factors That Signal Incoming Bitcoin Breakout
According to a leading crypto market analyst, Michaël van de Poppe, Bitcoin’s (BTC) recent price action is very similar to mid-2020 right before it launched on a huge rally that eventually sent it to new all-time highs.
Van de Poppe shared with his 588.5K Twitter followers that BTC’s current, uneventful price action is likely followed with a breakout.
“Bitcoin reminds me a lot of the previous accumulation periods.
Currently acting inside this range for 4 months already, resulting into boring, choppy price action.
Relatively ATL’s on on-chain data suggesting that it’s accumulation.
The breakout is probably going to be large.”
#Bitcoin reminds me a lot of the previous accumulation periods.
Currently acting inside this range for 4 months already, resulting into boring, choppy price action.
Relatively ATL's on on-chain data suggesting that it's accumulation.
The analyst also looks into the dollar index (DXY), which tracks USD against a basket of other fiat currencies. Van de Poppe notes that DXY has been on a parabolic track over the past several months, and it could soon reverse, which could catalyst Bitcoin, crypto and stock markets.
“When it comes to a potential Bitcoin reversal or break-out of this structure, we need a ‘weak’ Dollar to act.
In that case, the DXY is approaching key levels with those previous highs.
I think it’s sweeping the highs there for liquidity and reverse -> equities & Bitcoin up.”
When it comes to a potential #Bitcoin reversal or break-out of this structure, we need a 'weak' Dollar to act.
In that case, the $DXY is approaching key levels with those previous highs.
In a recent video update, van de Poppe also confirms his bullish outlook on Bitcoin.
“Bitcoin at this stage looks a lot like the previous re-accumulation phases and especially if you’re combining the current accumulation or sideways period – it’s getting quite long as it’s four months already – if we combine that fact with the current on-chain analysis which is providing confirmation of [all-time lows] or at least extreme figures which we can usually see at bottoming purchase procedures.
It is very likely that the next up or the next move is going to be an upwards move especially since I believe that the DXY or the dollar is going to top out at some point in time or at least relatively soon.”
