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Bitcoin (BTC) price analyst Michael van de Poppe has shared his latest commentary after Bitcoin‘s significant rise nearly met his expectations. In a recent update on his personal X account, Poppe expressed surprise at Bitcoin’s recent strength and mentioned that it has “peaked.” It appears that the analyst continues to be cautious about the price trajectory of the largest cryptocurrency.
Emphasis on the $58,000 Threshold
In his analysis, Poppe highlighted the significant $58,000 resistance level for Bitcoin. While acknowledging the current strength in the market, he expressed uncertainty about whether Bitcoin’s upward momentum would continue beyond this point. Despite this uncertainty, Poppe mentioned that the possibility of Bitcoin surpassing $60,000 before the upcoming block reward halving is on the table.
The analyst also warned about potential corrections in the market, suggesting that price pullbacks are likely amidst the ongoing upward trend. Although Bitcoin’s recent rise has been impressive, Poppe cautioned to be prepared for market fluctuations.
Looking at the price chart shared by Poppe, it is expected that Bitcoin will correct between $56,000 and $58,000 and could pull back to as low as $50,000.
Current State of Bitcoin
Poppe’s analysis reflects the sentiment among crypto traders and investors who are closely monitoring Bitcoin’s price movements during a period of increased market volatility. As Bitcoin approaches key resistance levels, market participants are keenly observing the largest cryptocurrency’s price chart to determine the future direction of its price.
According to CoinMarketCap’s data, the “king of cryptocurrencies” has risen over 10% in the last 24 hours, reaching as high as $56,733. At the time of writing this article, Bitcoin has seen a slight retracement, trading at $56,578 with a 10.81% increase over the last 24 hours.
The recent price surge in Bitcoin is also accompanied by a 215% increase in trading volume. The latest data shows that the trading volume is close to reaching the $50 billion mark, currently at $49.4 billion.
