A widely respected cryptocurrency strategist and trader says it’s almost time for Bitcoin (BTC) to show its hand.
Analyst Michaël van de Poppe told his 718,100 followers on social media platform
According to traders, Bitcoin needs to hold immediate support at $60,500 to trigger a major rally. Otherwise, he predicts BTC will be closer to $50,000.
“An important decision on Bitcoin is coming.
The low range of $60,500-$61,000 still holds Bitcoin in place, with a break above $63,000 being the next barrier for a new leap towards all-time highs.
If $60,500 is lost, $52,000-$55,000 would appear to be the next support area.”
As of this writing, the value of Bitcoin is $61,514, down nearly 2% in the last 24 hours.
Analysts are also closely watching the TOTAL2 chart, which traders use to track the altcoin market because it measures the overall market capitalization of cryptocurrencies excluding Bitcoin and stablecoins. Van de Poppe says it could take several weeks for TOTAL2 to start a new upward trend.
“With another week or two of consolidation, altcoin market caps are poised to rise again.”
According to the trader’s chart, he appears to be suggesting that TOTAL2 is in the process of bottoming after holding on to $900 billion support. As of this writing, TOTAL2 is trading at $970 billion.
From de Poppe note Traders are bearish on the altcoin, but a look at the charts shows that we could be close to witnessing a trend reversal.
“Many altcoins are forming double bottoms, greatly increasing the chances of a rebound.
Rather, sentiment is in a low cycle as people expect further downside momentum to occur.
“Things can change quickly.”
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