"Bitcoin, no reason to crash"...Target set to break $88,000 resistance

▲ Bitcoin (BTC)

An analysis suggests that Bitcoin (BTC) has no reason to suddenly collapse in the coming months. Cryptocurrency analyst Michaël van de Poppe predicted that Bitcoin is showing increasingly clear signals of a bullish market structure and could move towards its next major resistance zone of $85,000 to $88,000.

DailyHodl reported on the 13th that Van de Poppe downplayed the possibility of a sharp drop in Bitcoin on X (formerly Twitter). He stated that while some in the market predict Bitcoin is forming a bear flag and could drop to $50,000 this year, there is no clear reason to expect a sudden decline based on the current structure.

Van de Poppe mentioned that the shock in February was a strong decline comparable to the COVID-19 crash. He explained that even then, many investors expected further lows, but currently, Bitcoin is moving above the 21-day moving average and converting key price levels into support. He also noted that steady buying pressure is flowing into Bitcoin while Nasdaq remains strong.

He left open the possibility of Bitcoin retesting the $70,000 to $75,000 range but saw the current direction as more upward than downward. The next resistance zone presented by Van de Poppe is $85,000 to $88,000. DailyHodl reported that Bitcoin was trading at $80,492 at the time of writing and had fallen 1.5% in the last 24 hours.

Van de Poppe also analyzed that altcoins have significant room for further gains. He noted that most altcoins have barely moved against Bitcoin yet, and a strong breakout could occur if market confidence and liquidity flows expand. He said that altcoin rallies are often fast and strong rather than gradual, so it's important to take positions before actual movements appear.

He assessed that the market is currently in the phase where altcoins are starting their upward movement. Some altcoins are seeing gains of over 20% in a day due to technical breakouts or liquidation aftermaths, and he predicted that more such movements could appear over the next 1-2 months. He explained that the higher Bitcoin goes, the greater the upward momentum for altcoins will be.

Based on Van de Poppe's analysis, DailyHodl reported that Bitcoin is entering a phase of retesting resistance rather than a short-term sharp decline, and the altcoin market could also benefit from expanding liquidity, following Bitcoin's upward trend.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*