BTC had a strong week, as it broke through the major downtrend line and the September high at $52.9K. It managed to record a weekly high of $56.1K, which led to a deeper dive into the technical resistance and resistance area on the $55,000-$58K series.
Near-term technical indicators have reached somewhat overbought levels, which means that a slight consolidation or pullback is required before the next major rally. BTC is currently trading above the September high of $52.9K, which is an important sign. To extend the breakout and validate the bear trap, Bitcoin must close above it on a weekly basis.
The weekly close above $52.9K is a strong bullish sign, which increases the chances of a retest of the $55,000-$58K resistance area. The more a resistance is challenged, the weaker it becomes, which increases the possibility of breaking through the resistance if enough buyers enter the market.
Bitcoin price will reach 6 figures soon!
Bitcoin (BTC) is expected to reach a six-digit price in the current bullish cycle, according to cryptocurrency analyst Michaal van de Poppe.
Bitcoin’s current support is around $49,800 to $51,000, according to a crypto-analyst, after the major crypto asset broke above $55,000 for the first time since May.
In the event of a correction, bitcoin could drop to between $40K and $44K, according to Van de Poppe.
On the other hand, Van de Poppe believes that Bitcoin will range before breaking the current record high at $64,804.
“So we get some side action, and we see an all-time high… and then we’re probably going to assume we’ll hit $250,000 or more.”
Bitcoin, according to the cryptocurrency researcher, is expected to repeat the previous pattern, with BTC rising from around $15,000 to just over $63,000 before possibly hitting a new all-time high at at least $250,000.