Bitcoin
Michaël van de Poppe believes crypto bullish momentum will soon accelerate, led by Ethereum (ETH)
Bitcoin (BTC) has found a strong support level above its 50-day moving average (MA) even as the cryptocurrency market faces continued corrections. The leading cryptocurrency is gradually forming a medium-term reversal pattern, marked by a potential weekly double top and a bearish divergence on the Relative Strength Index (RSI).
Here’s what you need to know.
Risk of falling to US$60 thousand
Experts warn that if buyers do not maintain the current range, Bitcoin Price it can drop to around $60,000. This caution comes amid mixed market reactions, with miners increasing profit-taking and US spot BTC ETFs seeing net cash outflows. Despite these challenges, institutional demand for Bitcoin remains high, as indicated by low exchange balances, even more than two months after the fourth halving.
Despite The Fed’s recent monetary policies signaled low levels of liquidity in the medium term, experts noted that demand for risk-averse products soared.
“There is a new wave of dollar strengthening and demand for shares. Demand for risky assets is gradually declining, forming a sequence of maximum intraday declines for bitcoin,”
Alex Kuptsikevich, Senior Market Analyst at FxPro
Bearish Signals and Market Outlook
Rachel Lin, CEO and co-founder of SynFutures, noticed bearish signs in both Bitcoin and Ethereum, which could mean more declines for the crypto market.
However, popular crypto analyst Michaël van de Poppe predicts a bullish turnaround as the dollar weakens against global currencies. He believes Bitcoin will find strong support above $60,000 if sellers push the price below $66,000.
Looking ahead, Poppe expects Ethereum to outperform Bitcoin in the next bull run. He notes that the ETH/BTC pair indicates an inevitable reversal, potentially triggering the long-awaited bull season.
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