Crypto expert Michael van de Poppe has highlighted an important indicator which suggests that Bitcoin could make a crucial bounce from its current price level. This follows the flagship crypto’s recent decline below $60,000. Van de Poppe revealed in an X (formerly Twitter) post that Bitcoin’s CME gap has closed and added that it is time for the crypto token to enjoy a relief bounce from its current price level.
From the chart he shared, Bitcoin will reclaim $60,000 as support before moving further to the upside. Crypto analyst Mkybull Crypto also confirmed that the CME gap has been filled. Like Van de Poppe’s prediction, the analyst expects Bitcoin to reclaim the $60,000 range and possibly continue its upward trend.
Mikybull Crypto revealed that Bitcoin has completed its inverse head-and-shoulder pattern on the daily chart. He predicted that the flagship crypto could reach a minimum breakout target of $70,000 when it successfully breaks out above $62,000. Mikybull Crypto also mentioned that the Moving Average Convergence/Divergence (MACD) indicator indicates that a bullish cross is imminent for Bitcoin.
Contrary to what some might think, he claimed that the cycle top isn’t in yet and that this is simply a “final shakeout” before the market top is in. Based on the chart he shared, he predicts that Bitcoin will still climb above $100,000 and possibly reach $130,000. The analyst had previously mentioned between $138,000 and $150,000 as “optimal targets for Bitcoin in this bull run.”
With Bitcoin failing to hold above $60,000, the bearish calls are becoming louder in the crypto community. Some predict that the flagship crypto could drop to the $40,000 range soon enough. Crypto analyst CrediBULL Crypto claimed that “there is still a lot that must be done” for Bitcoin to drop that range, suggesting that it is unlikely to happen anytime soon.
He also provided insights into what will likely happen to Bitcoin at its current price level. According to CrediBULL Crypto, there is a chance that Bitcoin will wick the $58,000 low, hold a higher low above the $56,000 low, and then reverse from there. He further raised the possibility of Bitcoin dropping into the $53,000 demand area if the $56,000 lows are breached. Additionally, the crypto analyst mentioned that $40,000 could become possible if Bitcoin fails to hold above $53,000.
The future of Bitcoin remains uncertain as experts and analysts provide conflicting predictions and analyses. While some believe in a potential bounce back above $60,000 and even to new all-time highs, others foresee a decline to lower price levels. As an investor, it is important to carefully consider these different viewpoints and make informed decisions based on your own risk tolerance and investment goals.
