Crypto expert Michael van de Poppe has highlighted a key indicator that Bitcoin could make a crucial rebound from its current price level. This follows the flagship cryptos recent drop below $60,000.
BTC’s CME gap has closed
Van de Poppe unveiled in an X (formerly Twitter) after That Bitcoin’s CME Gap has closed, adding that it is time for the crypto token to enjoy a relief from its current price level. From the card he dealt, Bitcoin will reclaim $60,000 as support before moving further up.
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Crypto analyst Mkybull Crypto also confirmed that the CME gap has been filled. Similar to Van de Poppe’s prediction, the analyst expects Bitcoin to regain the $60,000 range and possibly continue its uptrend. Mikybull Crypto revealed that Bitcoin has completed its inverse head-and-shoulders pattern on the daily chart. He predicted that the flagship crypto could reach a minimum breakout target of $70,000 when it successfully breaks above $62,000.
Mikybull Crypto also said that the Moving average convergence/divergence (MACD) indicator indicates that a bullish cross is imminent for Bitcoin. He noted that this indicates strength for the flagship crypto and that its price is about to rise. The crypto analyst is also undeterred by Bitcoin’s recent underperformance, as he is confident a parabolic rally will occur soon enough.
Contrary to what some may think, he claimed that the cycle top has not yet arrived and that this is simply a “final shake-out” before the market top is reached. Based on the chart he shared, he predicts that Bitcoin will still rise above $100,000 and possibly reach $130,000. The analyst had mentioned before between $138,000 and $150,000 as “optimal targets for Bitcoin in this running of the bulls.”
What next for Bitcoin?
With Bitcoin failing to stay above $60,000, bearish calls are growing louder in the crypto community. Some predict the flagship crypto could drop to the $40,000 range soon enough. Crypto analyst CrediBULL Crypto claimed that “a lot still needs to happen” before Bitcoin can drop that range, suggesting it likely won’t happen anytime soon.
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He also provided insight into what is likely to happen to Bitcoin at its current price level. According to CrediBULL Cryptois there a chance that Bitcoin will hit the low of $58,000, hold a higher low above the low of $56,000, and then reverse from there. He further raised the possibility of Bitcoin entering the market Asking area of $53,000 if the low of $56,000 is crossed.
Furthermore, the crypto analyst said that $40,000 could become possible if Bitcoin fails to stay above $53,000. However, he believes that this scenario where Bitcoin falls to $40,000 is “the least likely to actually occur.” He noted that this is not something anyone “should place heavy weight on this time.”
Featured image created with Dall.E, chart from Tradingview.com