Market expert establishes new Bitcoin target after dismissing 71000
Renowned cryptocurrency trading expert, Michaël van de Poppe, has predicted that Bitcoin (BTC) is likely to experience a period of correction following its failure to break through the $71,000 resistance level.
In a recent post on X, Poppe highlighted key price levels and areas of interest for investors to keep an eye on. He suggested that Bitcoin could potentially test the support range between $64,000 and $65,000 in the near future.
According to Poppe’s analysis, this support range is crucial as it could serve as a strong base for Bitcoin’s price to stabilize before attempting another upward movement. If the price were to drop below this immediate support, Poppe identified a significant demand zone between $54,000 and $56,000.
Poppe also pointed out a key level where buyers are likely to step in, providing substantial support to prevent further declines. On the flip side, Bitcoin will need to overcome multiple resistance levels, with the primary barrier currently set at $71,000.
Breaking through this resistance could potentially pave the way for Bitcoin to retest its previous highs and potentially reach new record levels.
Poppe emphasized the importance of the upcoming Federal Open Market Committee (FOMC) meeting and the release of Consumer Price Index (CPI) data, as these events could trigger increased market volatility and significant price action for Bitcoin.
On the other hand, crypto analyst Ali Martinez noted that Bitcoin was trading within a well-defined parallel channel. Martinez suggested that in such a pattern, one should consider buying Bitcoin at the lower boundary and selling at the mid or upper boundary.
In this scenario, the lower boundary for Bitcoin is around $67,000, serving as a strong support level for potential buying opportunities. The mid boundary is approximately $69,000, acting as an intermediate point for profit-taking. The upper boundary is close to $71,000, identified as the resistance level for potential selling or profit-taking.
It is essential to note that Bitcoin recently attempted to break out of a consolidation phase, but faced a setback following $64.9 million in outflows from U.S. spot Bitcoin exchange-traded funds (ETFs). This movement marked the first loss since at least May 23.
As of press time, Bitcoin was trading at $67,210, having experienced a 3% decline in the last 24 hours and a 2.5% decrease on the weekly chart.
With bears seemingly gaining control over Bitcoin in the short term, the focus is on Bitcoin’s ability to maintain its price above $65,000, as a drop below this level could potentially lead to further losses.
Disclaimer: The content on this site should not be construed as investment advice. Investing in cryptocurrencies carries inherent risks, and investors should exercise caution.
