A widely followed crypto strategist and trader says that it’s almost time for Bitcoin (BTC) to reveal its hand.
Analyst Michaël van de Poppe tells his 718,100 followers on the social media platform X that Bitcoin is at a point where it either attacks a new all-time high or sees another big sell-off event.
According to the trader, Bitcoin must hold its immediate support at $60,500 to have a shot at igniting a big burst to the upside. Otherwise, he predicts BTC heading close to $50,000.
“Crucial decision is approaching for Bitcoin.
The range low at $60,500-$61,000 is still holding up for Bitcoin, through which breaking $63,000 is the next barrier for a new run toward the all-time high.
If $60,500 is lost, I think we’ll see $52,000-$55,000 as the next support zone.”
At time of writing, Bitcoin is worth $61,514, down nearly 2% in the last 24 hours.
The analyst is also keeping a close watch on the TOTAL2 chart, which traders use to track the altcoin markets as it measures the total market cap of crypto excluding Bitcoin and stablecoins. Van de Poppe says TOTAL2 may be a couple of weeks away from kicking off a new uptrend.
“One to two weeks of some more consolidation and we’re ready to reverse back upwards on the altcoin market capitalization.”
Based on the trader’s chart, he seems to suggest that TOTAL2 is in the process of carving a bottom after holding support at $900 billion. At time of writing, TOTAL2 is trading at $970 billion.
Van de Poppe notes that traders are bearish on altcoins but the charts suggest they may be close to witnessing a trend reversal.
“Many altcoins are making double bottoms, where the likelihood of a rally has substantially increased.
On the contrary, the sentiment is at a cycle low as people expect further downward momentum to be happening.
Things can change quickly.”
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
Generated Image: DALLE3