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We witnessed a period of stagnant price movements in Bitcoin and cryptocurrencies after recent rises. These intermittent price movements, lasting about 2.5 months, resulted in declines for some altcoins. Some declines erased the profits investors had gained. Today, analyst Michael van de Poppe evaluated Bitcoin and altcoins. The analyst pointed to a critical level for Bitcoin.
The Importance of the $70,000 Level for Bitcoin
Analyst van de Poppe believes the critical area for Bitcoin continues to be maintained. Bitcoin’s recent movement above the $66,000 level and its resistance at $70,000 highlight this critical area.
According to van de Poppe, Bitcoin needs to surpass this critical resistance to show significant upward momentum. The analyst identifies this critical resistance level at $70,000. This increase in Bitcoin could potentially bring new peaks.
While analyzing Bitcoin, the analyst also made evaluations regarding altcoins. According to the analyst, altcoins have shown a stronger increase than Bitcoin. Commenting on this rise, the analyst suggests that the time for altcoins might have come, implying a potential altcoin season.
Predicting Bitcoin’s Price Direction Becomes Harder
Bitcoin, the flagship of cryptocurrencies, was challenging the $69,000 level at the time of writing. BTC is trading at $68.920. The price increased by 1% in the last 24 hours.
As seen in the graph provided by van de Poppe, two significant levels are highly influential on Bitcoin’s price. These levels are $67,000 and $70,000. This range already stands out as a trend.
A horizontal movement can lead to a two-way prediction; if Bitcoin surpasses $70,000, the rise will continue. However, if BTC drops below the $67,000 level, such a movement will hinder the rise, and the $60,000 levels for Bitcoin will be discussed again. However, with a catalyst like the upcoming spot Ethereum ETF, a decline expectation is not currently present in the market.
