Crypto expert Michael van de Poppe has highlighted a crucial indicator which suggests that Bitcoin could make an important bounce from its current price level. This follows the flagship crypto’s recent decline below $60,000.
BTC’s CME Gap Has Closed
Van de Poppe revealed in an X (formerly Twitter) post that Bitcoin’s CME gap has closed and added that it’s time for the crypto token to enjoy a relief bounce from its current price level. From the chart he shared, Bitcoin will reclaim $60,000 as support before moving further to the upside.
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Source: X
Crypto analyst Mkybull Crypto also confirmed that the CME gap has been filled. Like Van de Poppe’s prediction, the analyst expects Bitcoin to reclaim the $60,000 range and possibly proceed its upward trend. Mikybull Crypto revealed that Bitcoin has accomplished its inverse head-and-shoulder pattern on the day by day chart. He predicted that the flagship crypto could reach a minimum breakout goal of $70,000 when it successfully breaks out above $62,000.
Source: X
Mikybull Crypto also mentioned that the Moving Average Convergence/Divergence (MACD) indicator indicates that a bullish cross is imminent for Bitcoin. He noted that this means strength for the flagship crypto and that its price is poised to rise. The crypto analyst can also be undeterred by Bitcoin’s recent underperformance as he’s confident that a parabolic rally will soon enough.
Source: X
Contrary to what some might think, he claimed that the cycle top isn’t in yet and that this is just a “final shakeout” before the market top is in. Based on the chart he shared, he predicts that Bitcoin will still climb above $100,000 and possibly reach $130,000. The analyst had previously mentioned between $138,000 and $150,000 as “optimal targets for Bitcoin on this bull run.”
Source: X
What Next For Bitcoin?
With Bitcoin failing to carry above $60,000, the bearish calls have gotten louder within the crypto community. Some predict that the flagship crypto could drop to the $40,000 range soon enough. Crypto analyst CrediBULL Crypto claimed that “there continues to be lots that should be done” for Bitcoin to drop that range, suggesting that it’s unlikely to occur anytime soon.
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He also provided insights into what is going to likely occur to Bitcoin at its current price level. In accordance with CrediBULL Crypto, there’s a probability that Bitcoin will wick the $58,000 low, hold a better low above the $56,000 low, after which reverse from there. He further raised the potential for Bitcoin dropping into the $53,000 demand area if the $56,000 lows are breached.
Moreover, the crypto analyst mentioned that $40,000 could grow to be possible if Bitcoin fails to carry above $53,000. Nevertheless, he believes this scenario of Bitcoin dropping to $40,000 is “the least prone to actually play out.” He remarked that this isn’t something anyone must be placing “heavy weight on at this time.”
BTC falls to $57,000 | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com