A widely followed crypto strategist and trader says the time is near for Bitcoin (BTC) to reveal its hand.
Analyst Michael van de Poppe told his 718,100 followers on social media platform He said it is in stages.
According to the trader, Bitcoin needs to hold near-term support at $60,500 for it to have a chance for significant upside. Otherwise, he predicts BTC to approach his $50,000 mark.
“An important decision is coming for Bitcoin.
Bitcoin remains in the low range of $60,500 to $61,000, with a break above $63,000 being the next barrier to another rally towards all-time highs.
If $60,500 is lost, I think the next support zone will be $52,000 to $55,000. ”
At the time of this writing, Bitcoin's value was $61,514, down nearly 2% in the past 24 hours.
The analyst also noted the TOTAL2 chart, which measures the market capitalization of cryptocurrencies excluding Bitcoin and stablecoins and is used by traders to track the altcoin market. Van de Poppe said it may take a few more weeks for TOTAL2 to start a new uptrend.
“If prices continue to consolidate for another week or two, the altcoin market cap is poised for a reversal and rise.”
Based on the trader's chart, he seems to suggest that TOTAL2 is in the process of bottoming out after holding support at $900 billion. As of this writing, TOTAL2's trading price is his $970 billion.
van de poppe Note Traders are bearish on the altcoin, but the charts suggest a trend reversal could be on the horizon.
“Many altcoins have formed double dips, greatly increasing upside potential.
On the contrary, sentiment is in a low cycle as people expect further downward momentum to occur.
Things can change quickly. ”
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