Crypto Analyst Predicts Bitcoin Rally if Key Resistance Level is Broken
Crypto strategist Michaël van de Poppe believes that Bitcoin (BTC) could see a series of rallies if it manages to break through a crucial resistance level in the near future.
According to the analyst, Bitcoin needs to turn $84,500 into a support level this week in order to regain bullish momentum. Failure to do so could result in a significant price drop for the flagship cryptocurrency.
In a recent tweet to his 782,000 followers on X, van de Poppe stated, “I really want to see some momentum on Bitcoin. If it doesn’t happen this week and we’ll break sub $82,000, likely we’ll see some new lows. Break $84,500 equals party time.”
Van de Poppe highlighted two possible scenarios if Bitcoin fails to reclaim $84,500 as support this week:
- Rejection and finding a higher low around $82,000.
- Rejection and a double-bottom retest in the $70,000 range before moving higher.
As of now, Bitcoin is trading at $87,315, showing a 5.7% increase in the last 24 hours.
Chainlink (LINK) Potential for Bullish Reversal
Van de Poppe also shared insights on Chainlink (LINK), suggesting that the decentralized oracle network may be forming a double-bottom pattern against Bitcoin (LINK/BTC) on the weekly chart. This pattern is typically seen as a bullish reversal signal.
He stated, “LINK doing a double bottom test and back to the range low. Weekly firing up nicely. Things are heating up the right way.”
Van de Poppe’s chart indicates a potential surge for LINK/BTC to reach 0.000795 BTC, equivalent to $68.39. Currently, LINK/BTC is trading at 0.0001719 BTC ($14.92), showing a nearly 2% increase in the last 24 hours.
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Generated Image: Midjourney