Crypto strategist Michaël van de Poppe predicts that if Bitcoin (BTC) flips one key level into support it will soar into the $70,000 range.
The analyst tells his 723,800 followers on the social media platform X that if Bitcoin crosses the $61,000 level on the daily chart it could break out to test its all-time high (ATH) of around $74,000.
“Chop, chop, chop. Bitcoin is still acting within the range. A breakout above that resistance zone at $61,000 is crucial for upward momentum. If that happens: party time and a new ATH test.”
Bitcoin is trading for $60,866 at time of writing, up 3.6% in the last 24 hours.
Next up, the analyst says that Ethereum (ETH) against Bitcoin (ETH/BTC) is showing bullish divergence on the daily time frame with the Relative Strength Index (RSI), a momentum oscillator indicator. A bullish divergence, which suggests price will start to increase, occurs when the price of assets records lower lows while indicators are witnessing higher lows.
“A valid daily bullish divergence on Ethereum against Bitcoin. The last time we’ve seen this, it marked the low in January 2021 and in September 2019. If this cycle is repeating those patterns, and we’re at 2019, party is on the horizon.”
The analyst says if the ETH/BTC bullish divergence signal is confirmed a breakout could be imminent and continue into next week.
“ETH is super weak, it remains to be the case. Rejected at 0.046 BTC and is currently falling towards HTF support areas. There might be a case of a bullish divergence standing up, but then it should be rallying from later this week into next week.”
ETH/BTC is trading for 0.04239 BTC ($2,577) at time of writing, up slightly in the last 24 hours.
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