Cryptocurrency expert Michael van de Poppe recently pointed out a crucial indicator suggesting a potential bounce for Bitcoin, following its dip below $60,000. Van de Poppe highlighted in a social media post that Bitcoin’s CME gap has closed, indicating a possible relief bounce from its current price level. According to his analysis, Bitcoin is expected to establish $60,000 as a support level before continuing its upward trajectory.
Another crypto analyst, Mkybull Crypto, confirmed that the CME gap has indeed been filled. Echoing Van de Poppe’s sentiments, Mkybull Crypto also expects Bitcoin to reclaim the $60,000 range and potentially extend its bullish momentum. The analyst pointed out the completion of an inverse head-and-shoulder pattern on the daily chart, forecasting a breakout target of $70,000 upon surpassing $62,000. Moreover, Mkybull Crypto highlighted the imminent bullish cross indicated by the Moving Average Convergence/Divergence (MACD) indicator, signaling strength and a price surge for Bitcoin.
Despite recent setbacks in Bitcoin’s price, Mkybull Crypto remains optimistic about a forthcoming parabolic rally. Dismissing concerns about the current market performance, the analyst confidently anticipates Bitcoin’s climb above $100,000, with a potential peak at $130,000. Previously mentioned targets of $138,000 to $150,000 are still deemed achievable in this cycle, according to the analyst’s chart analysis.
While some experts project a positive trajectory for Bitcoin, there is a growing chorus of bearish calls within the crypto community. Speculations of a potential drop to the $40,000 range have emerged, fueled by concerns about Bitcoin’s inability to sustain levels above $60,000. CrediBULL Crypto, a prominent crypto analyst, acknowledged the likelihood of a dip to $58,000 before establishing a higher low above $56,000. The analyst also raised the scenario of Bitcoin declining towards the $53,000 demand zone if the $56,000 support is breached. Additionally, CrediBULL Crypto highlighted the possibility of a further downward move to $40,000 if Bitcoin fails to maintain levels above $53,000.
The future trajectory of Bitcoin remains uncertain, with conflicting viewpoints from various experts in the field. While indicators point towards a potential rebound and new all-time highs, there are prevailing concerns about a market correction and bearish movements in the short term. Investors and traders in the cryptocurrency space are advised to carefully monitor these developments and conduct thorough research before making any investment decisions.
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