New Bitcoin predictions are remaining optimistic these days. Check out the latest one released by an important name in the crypto space.
Crypto analyst Michaël van de Poppe has just addressed Bitcoin’s short-term trajectory, as the king coin bounced back after a dive to the low $50,000 range this week.
During a new video, the analyst who nailed the timing of Bitcoin’s March pullback predicted that BTC’s current rally would probably stop at the $58,500 level.
“What is critical right now based on the daily timeframe is this entire region here, so anything above [$58,500] is going to bring markets to new all-time highs,” he said.
He continued and said: “Is that expected? I’m not expecting it at this stage in which I’m assuming that we’re going to have a range bound construction.”
Regarding the lower timeframe, Van de Poppe noted that Bitcoin is facing clear resistance at $56,200 and is attempting to find support at $54,100.
He also made sure to warn that if the $54,000 range fails to act as support for BTC, the digital asset will likely retest the $50,000 level over the course of the next week and may even move down towards $48,500 temporarily.
On the other hand, he noted that if BTC bottoms out towards the low $50,000 range, it will likely make room for a longer altseason.
“At least the altseason is going to last way longer or continue if Bitcoin is bottomed out.”
At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $57,235.10.
Bitcoin in the news
Gemini’s Tyler Winklevoss shared a tweet saying that the US government will not be banning Bitcoin.
The US government will never ban #bitcoin. These questions have been asked and answered by regulators and courts for the last decade. This ship has sailed.
— Tyler Winklevoss (@tyler) March 27, 2021
Someone said: “If #BTC currently uses as much energy as Argentina, imagine how much it will use in a decade. Then imagine how much energy it would take to 51% persistently. Money may be printable, but electricity (i.e. energy) sure isn’t. (re Isaac Newton).”