BTC has had a strong week, breaking over a key downtrend line and the September high of $52.9k. It managed to record an intraweek high of $56.1k, plunging deeper into the technical and on-chain resistance zone of $55k to $58k.
Near-term technicals, have reached somewhat overbought levels, implying that a consolidation or minor retreat is required before the next major rise. BTC is currently trading above the September high of $52.9k, which is a critical mark. To extend the breakout and validate the bear trap, Bitcoin has to close above it on a weekly basis.
A weekly close over $52.9k is a strong bullish signal, increasing the chances of a retest of the $55k to $58k resistance zone. The more resistance is challenged, the weaker it becomes, increasing the likelihood of a break over resistance if sufficient buyers enter the market.
BTC Price to hit 6 figures soon!
Bitcoin (BTC) is expected to attain a six-figure price in the current bullish cycle, according to cryptocurrency analyst Michaal van de Poppe.
Bitcoin’s current support is around the $49,800 to $51,000 level, according to the crypto analyst, after the flagship crypto asset broke above the $55,000 price for the first time since May.
In case of a correction, Bitcoin could plummet to between $40,000 and $44,000, according to Van de Poppe.
Van de Poppe, on the other hand, believes that Bitcoin will range before breaching over the current record high of $64,804.
“So we get some sideways action, get to watch the all-time high… And then we probably assume that we’re going to get towards $250,000 or higher.”
Bitcoin, according to the cryptocurrency researcher, is expected to repeat a previous pattern, in which BTC rose from roughly $15,000 to just over $63,000 before perhaps reaching a new all-time high of at least $250,000.