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Leading cryptocurrency Bitcoin (BTC) faces a critical challenge on its path to further growth. Analyst Michael van de Poppe is aware of this challenge and provided a brief but effective assessment on X today. According to the analyst, there is a significant resistance level that needs to be broken for a major upward trend to begin. Let’s take a look at the analyst’s comments.
Michael van de Poppe Points to This Resistance for Bitcoin
Resistance, as we all know, refers to a price point where strong selling pressure prevents the price from rising further. In simpler terms, imagine a $70,000 wall on the price chart. Many investors are likely waiting to sell their Bitcoin holdings at this price, creating a barrier for the price to rise above it.
This is the critical level that analyst van de Poppe points to. As you may recall, Bitcoin attempted to break this $70,000 resistance level yesterday but failed. This failed test clearly showed us that there could be a significant number of sellers waiting at this price point. However, overcoming this barrier is not impossible.
If Bitcoin can decisively break through this barrier and stay above $70,000, this could be interpreted as a significant bullish signal.
BTC Breaking Critical Resistance Will Boost Altcoins
As known in the cryptocurrency market, a bullish signal indicates the expectation that prices will rise. Bitcoin surpassing $70,000 could signal to investors that the overall sentiment is positive, potentially leading to more buying and further price increases. This positive momentum, as analyst van de Poppe pointed out, can often spread to other cryptocurrencies known as altcoins.
Altcoins, which are cryptocurrencies other than Bitcoin, typically experience price movements influenced by Bitcoin’s trends. Therefore, if Bitcoin, the flagship of cryptocurrencies, surpasses $70,000 and enters a bullish phase, it could trigger a similar increase in the value of many altcoins. This situation will inevitably allow for an altcoin season and ensure that investors leave happy with their moves. BTC was at $68,776 while writing this article.
