Cryptocurrency markets are showing signs of continued consolidation as seen in the weekly candlestick chart, causing BTC to move slowly. Meanwhile, famous crypto analyst Michaël van de Poppe predicts that Bitcoin could surpass $70,000 next week. Currently, Bitcoin is trading at $67,100 and is up 4.8% in the last 24 hours.
Bullish outlook for Bitcoin
Analysis of weekly candle patterns across various cryptocurrency markets, van de Poppe, reveals a notable consolidation trend. Van de Poppe expects Bitcoin prices to test the $70,000 price level by next week. This optimism is driven by strong market momentum and increased investor confidence.
On March 24, the Spot Bitcoin ETF saw a whopping $91.6 million in funding, with GBTC alone bringing in $61 million. However, BlackRock's ETF (IBIT) saw minimal net inflows, easing some of the negative sentiment.
Meanwhile, leading crypto investor Mister Crypto expresses bullish sentiment on Bitcoin's trajectory, revealing a breakout of the descending triangle pattern on a 4-hour time frame.
This breakout means that Bitcoin will retest its resistance level again next week.
The Altcoin Rally is Coming!!!
As Bitcoin draws attention to its rally potential, crypto analyst Van de Poppe focuses on the strength of the altcoin market. This suggests broader market consolidation, with altcoins poised to benefit from Bitcoin's bullish momentum.
As altcoins exit the accumulation phase and boast a market cap of over $1.125 trillion, the next few days are crucial. As the Bitcoin halving approaches, it will be interesting to see the impact of Bitcoin on altcoins.
Van de Poppe's research paints a positive picture of the cryptocurrency ecosystem, presenting promising opportunities in the digital asset space for traders and investors.