Bitcoin Poised for Massive Breakout According to Crypto Analyst
A prominent crypto analyst has predicted that Bitcoin (BTC) is on the brink of a significant breakout after a correction that brought it down to the $100,000 level.
Michaël van de Poppe, a well-known trader in the crypto space, shared his insights with his large following on X, stating that Bitcoin is showing signs of breaking through the resistance level at $105,800.
“Bitcoin is gearing up for a breakout as we have absorbed all the liquidity and are now seeing a swift absorption. These levels typically mark the end of a correction phase.”
Van de Poppe also highlighted that Bitcoin is displaying strength after retesting the $100,739 level.
“Following the recent correction, a strong upward bounce like this is a positive sign. Ethereum is also showing upward momentum. Exciting times lie ahead.”
As of the time of writing, Bitcoin is trading at $105,023.
Bullish Outlook on Sui Amid Recent Security Breach
Despite a major security breach at the Cetus Protocol, a decentralized exchange operating on the Sui network, Van de Poppe remains bullish on layer-1 blockchain Sui.
One of the reasons for his optimism is the recovery of the network’s total value locked (TVL) following the decline caused by the Cetus hack. TVL is a crucial metric used to assess the health of a crypto ecosystem.
“Sui continues to demonstrate strength. Despite the recent exploit, the TVL on Sui stands at $1.8 billion and is steadily increasing. The token has rebounded by 20% since the recent drop, signaling a robust ecosystem.”
Currently, Sui is trading at $3.18, reflecting a 1.4% increase in the last 24 hours.
Positive Signals from Wormhole on the Horizon
Van de Poppe also pointed out that the cross-chain messaging protocol Wormhole (W) is exhibiting bullish divergence on the weekly chart, indicating a potential price upswing.
Bullish divergence occurs when the price of an asset hits lower lows while indicators like the Relative Strength Index (RSI) show higher lows, suggesting an impending price increase.
“W remains a key altcoin in my portfolio. They are facilitating the transition of Dogecoin to Solana and have secured partnerships with BlackRock’s BUIDL and other major players. This bullish divergence is a promising sign.”
Wormhole is currently priced at $0.07355, showing a 2.8% decrease in the last 24 hours.
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