Van de Poppe: Bitcoin To Mimic Earlier Pattern On The Way To 6-Figures
According to Michaël van de Poppe, a top crypto analyst and pro-trader, Bitcoin (BTC) is on track to reach six-figure price in this bull cycle.
He points out that after BTC jumped above the $55,000 for the first time since May, its current support is around the $49,800 to $51,000 level.
A possible correction could drop Bitcoin to between $40,000 and $44,000, says the trader.
“So, at this point I think that given the breakout that we’ve got, the level that we should be watching is the range low that we have been acting in previously to. So this entire region that we’ve got on the lows here, which is that area between $49,800 to $51,000.
If we’re going to get a correction, that is the level that for now is the crucial level for me. Because if we’re going to lose that zone, I think we’re going to quickly [go] beneath this level around $47,000 and drop all the way back towards here [between $40,000 and $44,000].”
If the bullish sentiment continues for Bitcoin, it’s likely break above the current all-time high around $65,000, according to Van de Poppe.
He predicts that Bitcoin is likely to mimic a previous pattern, when BTC jumped from around $15,000 to slightly over $63,000, before possibly reaching a new all-time high of at least $250,000.
“So we get some sideways action, get to watch the all-time high, get down sideways action, big breakout. And then we get into the final phase in which you can simply copy-paste this entire run [$15,000-$63,000] towards the one that we have above $63,000. And then we probably assume that we’re going to get towards $250,000 or higher.”
At the time of writing Bitcoin is trading at $54,164, with 13.5% profits on a weekly chart, according to CoinMarketCap.
