BTC has had a fantastic week, breaking over a key downtrend line and reaching a new high of $52.9k set in September. It hit an intraweek high of $56.1k before falling lower into the technical and on-chain resistance zone of $55k to $58k.
Near-term technicals have reached considerably overbought levels, signaling that consolidation or minor fall is required before the next strong increase. Bitcoin is currently trading above the important $52.9k high set in September. Bitcoin must close above it weekly to continue the breakout and justify the bear trap.
A weekly close over $52.9k is a strong bullish signal, indicating a retest of the $55k to $58k resistance zone is likely. The more resistance is tested, the weaker it becomes, boosting the chances of a breakthrough if more buyers enter the market.
The price of Bitcoin is expected to reach six figures soon!
According to cryptocurrency analyst Michael van de Poppe, Bitcoin (BTC) will likely reach a six-figure price during the current bullish cycle.
According to the crypto researcher, Bitcoin’s current support is between $49,800 and $51,000, after the flagship crypto-asset broke above the $55,000 price for the first time since May.
According to Van de Poppe, Bitcoin may fall to between $40,000 and $44,000 in the event of a downturn
On the other hand, Van de Poppe expects Bitcoin to trade in a range before breaking through the current record high of 64,804 dollars.
According to the cryptocurrency analyst, Bitcoin is projected to follow a similar pattern in which it went from around $15,000 to just over $63,000 before perhaps reaching a new all-time high of at least $250,000.