In a recent analysis by crypto expert Michael van de Poppe, an important indicator suggests that Bitcoin may be poised for a significant bounce from its current price level. This comes as Bitcoin recently dipped below $60,000. Van de Poppe pointed out that Bitcoin’s CME gap has now closed, indicating that the cryptocurrency is due for a relief bounce and could reclaim $60,000 as a support level before moving higher.
Another crypto analyst, Mkybull Crypto, also confirmed that the CME gap has been filled, supporting Van de Poppe’s prediction. Mkybull Crypto noted that Bitcoin has completed an inverse head-and-shoulder pattern on the daily chart, suggesting that the cryptocurrency could target $70,000 once it breaks above $62,000. Additionally, the Moving Average Convergence/Divergence (MACD) indicator indicates a possible bullish cross for Bitcoin, signaling strength and potential price increase.
Despite Bitcoin’s recent struggles to stay above $60,000, crypto analysts remain bullish on the cryptocurrency’s future. Mkybull Crypto believes that a parabolic rally could be on the horizon and refutes claims that the cycle top is in, predicting that Bitcoin could still climb above $100,000 and even reach $130,000. He had previously mentioned targets between $138,000 and $150,000 for this bull run.
While some experts remain optimistic about Bitcoin’s future, bearish calls are growing louder within the crypto community. There are predictions that Bitcoin could drop to the $40,000 range in the near future. However, analyst CrediBULL Crypto argues that there are still several factors that need to align for Bitcoin to reach that level, suggesting that it is unlikely to happen soon.
CrediBULL Crypto also outlined potential scenarios for Bitcoin at its current price level. There is a possibility that Bitcoin may test the $58,000 low, establish a higher low above $56,000, and then reverse its course. However, if the $56,000 level is breached, there is a chance that Bitcoin could drop to the $53,000 demand area. The analyst even raises the specter of Bitcoin falling to $40,000 if it fails to hold above $53,000.
While there are contrasting opinions on Bitcoin’s future price movements, it is clear that there is a significant level of uncertainty in the market. Traders and investors should proceed with caution and carefully monitor key technical indicators and price levels to make informed decisions about their Bitcoin holdings.