Crypto trader and strategist Michaël van de Poppe outlines the main hadollars of key price levels to watch after Bitcoin (BTC) hit an all-time high earlier this week.
Van de Poppe: Bitcoin could be positioned in the second phase of the bull
The analyst said that the leading cryptocurrency is in the second phase of the current long-term bull cycle and the bearish trend has subsided:
At this stage, we had such a rush with no moments of correction. Also, we had this run of about 77% in August, and then we adjusted the standard 25%. Additionally, the arguments were that people were saying it would be a lower height and a dead cat bounce. At this stage, we made new highs where the entire bear market sentiment or factual explanations passed. So we actually see that we are still in the second phase of the bull cycle.
Van de Poppe points to 3 technical levels
Looking forward, the analyst says the main BTC price levels to watch if the bull run continues are $75,000 and $100,000:
If you look at the psychological points in the price assessment, the first is $75,000. If you look at the next one, it will be $100,000. That’s why it’s important to watch these two. Third, the entire territory we have for about $87,000 to $90,000. This is an area that I will mark as a very important resistance zone if we continue to run.
Finally, Cryptocoin. com Van de Poppe, whose analysis we have cited, thinks that the Bitcoin price can recover between $70,000 and $75,000:
Given the fact that people will profit, I think $70,000 to $75,000 is probably the area we should watch for a shorter reversal. But also given the vertical run we have now. Third, we have the real psychological price level there.