Heavy correction on Friday dumped hard the majority of the cryptocurrencies. Post the extended downfall until Monday, virtual currencies commenced their Tuesday run with stout retracement. Notably, Bitcoin, Ethereum, Solana, and many other tokens quickly ventured to reclaim their Friday price levels. However, Bitcoin turns choppy as probable retrace momentum ebbs, a popular analyst Micheal Van De Poppe mentions key levels to confirm a bull run.
Bitcoin Price Hovers Under Tight Range! Will $70k Be Achievable?
Bitcoin price which has recently plummeted below 200 days MA has swiftly regained the momentum on Tuesday, yet faced rejection at key resistance. A popular crypto analyst Micheal Van De Poppe, confirmed the rejection at $51.6k. He emphasized resilient accumulation to ensue between $49.3k to $49.7k in order to stir up to $53.5k. On the contrary, he expects the BTC price to settle down around $46k in the case of a bearish rule.
He expects the replication of the May bull cycle. And if it continues to resemble the previous pattern, then he expects a choppy move until $53k. However, in the case it quickly passes $53k resistance, then the previous ATH would be achievable in its immediate bull cycle.
Recent analytics from Crypto metric platform Santiment hints at a probable bull cycle ahead. The analytics revealed exciting insights. On November 23rd, while BTC price moved in an upward trajectory, the network’s profit loss recorded 4 months high indicating a positive price top. After the recent market crash, BTC network profit loss hit a 6-Month low, indicating potential price bottom. However, as it has bounced from the support on Tuesday, a swift retracement might be underway.
Collectively, if the Bitcoin price encounters the present choppy move at crucial levels, then the quick parabolic move is likely to take place. Besides, if it fails to pass those levels, then it would fall below its 200 days MA, which would further catalyze sell-offs. Hence, traders are advised to invest by keeping in mind these technicals and price patterns.