Bitcoin’s Potential Breakout
Crypto strategist Michaël van de Poppe suggests that Bitcoin (BTC) could see significant rallies if it surpasses a crucial resistance level.
The analyst shared with his 782,000 followers on social media platform X that Bitcoin must convert the $84,500 mark to support within this week to regain bullish momentum.
He cautions that if Bitcoin does not break through $84,500, it may face a price collapse.
> “I really want to see some momentum on Bitcoin. If it doesn’t happen this week and we break below $82,000, likely we’ll see new lows. Breaking $84,500 equals party time.”
> Source: Michaël van de Poppe/X
In his analysis, he outlines two potential scenarios if Bitcoin fails to reclaim $84,500 as support this week:
- Reject and find a higher low around $82,000.
- Reject and double-bottom retest in the $70,000 range before moving higher.
Currently, Bitcoin is trading at $87,315, reflecting a 5.7% increase over the last 24 hours.
Chainlink Analysis
Van de Poppe also predicts that the decentralized oracle network Chainlink might be forming a double-bottom pattern against Bitcoin (LINK/BTC) on the weekly chart. This pattern is typically seen as a bullish reversal signal, indicating that buyers are establishing a price floor for the asset.
> “LINK is doing a double bottom test and returning to the range low. Weekly chart is firing up nicely. Things are heating up the right way.”
> Source: Michaël van de Poppe/X
According to the trader’s analysis, LINK/BTC may potentially rise to 0.000795 BTC, valued at $68.39. As of now, LINK/BTC is trading at 0.0001719 BTC ($14.92), increasing nearly 2% in the last 24 hours.
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