Analyst Michaël van de Poppe says Bitcoin’s bear phase is over, pointing to a series of higher lows and a strengthening of its technical structure over multiple time frames.
From de Poppe argues that BTC is consistently printing higher lows, indicating continued upside momentum for Bitcoin.
“The positive effect on commodities is over. The bear phase for Bitcoin is also over. Good times lie ahead…
The fact is that we have been noticing this range for some time. However, with this build, I think we will see $75,000-80,000 in March.”
Van de Poppe also points to the BTC versus gold chart as further confirmation.
BTC vs Gold has bottomed out. The simple reason for this is technical. Has nothing to do with the geopolitical situations. Just technical. There is a strong bullish divergence on the daily and weekly time frames.”
He also believes that the market shock from the US and Israeli attack on Iran has already largely passed.
It is clear that we could have a ground war in Iran, but the biggest shock has happened.
Be rational; there are a lot of rumors going around about ‘what might happen next’, and they are all driven by fear. The reality probably won’t be that bad. Fear sells during these periods.
In fact, I think we’ll see more sell-offs from smart people in gold and silver and a rotation into stocks and Bitcoin.”
At the time of writing, Bitcoin is trading at $68,291, down 3.7% in the past 24 hours.
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