Coin Edition -
- Michaël van de Poppe projects a $60K target for BTC’s potential correction.
- Bitcoin has a resistance wall with $28 billion around the $70,180 price range.
- Michaël voiced skepticism about Bitcoin’s potential to soar to $100K soon.
Renowned crypto analyst Michaël van de Poppe has argued that Bitcoin could experience another severe price correction in the coming days. The view comes amid BTC’s momentum stagnation following its re-entry into the $70K region.
In a recent post on X, Michaël voiced skepticism about Bitcoin’s potential to rocket-launch to $100K soon. He considers the $100K outlook improbable at the moment amid Bitcoin’s resistance barrier.
The range is relatively defined on #Bitcoin.I don't believe we'll blast to $100K all of a sudden and are still following the path of the 4-year cycle, for now. Consolidating areas at $60K support ranges, areas around ATH to be resistance. In between chop. pic.twitter.com/bUfWn7bSro— Michaël van de Poppe (@CryptoMichNL) March 29, 2024
Specifically, in the chart accompanying the update, Michaël suggested that bearish forces still abound significantly for Bitcoin, especially around the $72K price point. He noted that the asset resists the $72K price level due to the bearish forces.
Analyst Ali Martinez has expressed a similar sentiment about the bearish forces Bitcoin is battling. Citing data from the market intelligence platform IntoTheBlock, Martinez disclosed that BTC’s most significant hurdle is maintaining a close above the $70,180 and $70,600 range.
IntoTheBlock data indicates that this price point is Bitcoin’s most substantial resistance zone because 292,000 addresses hold 397K Bitcoin within the price range. Put differently, the held token means over $28 billion worth of selling pressure surrounds the $70,180 and $70,600 range.
Meanwhile, Bitcoin has minimal resistance beyond this range as fewer addresses accumulated BTC between $71,000 and $72,500. As a result, Martinez has suggested that Bitcoin’s triumph over its current resistance wall will send the asset into new unprecedented price levels.
Meanwhile, analyst Michaël van de Poppe believes another correction could be imminent, considering the formidable size of Bitcoin’s resistance wall. Should Bitcoin fail to break above $70,300, he targets a low of around $60,000. This target represents a potential 16% correction should the forecast materialize.
In an earlier analysis of Bitcoin’s current consolidation around $70K, Michaël suggested the asset could be headed for the range of $75K and $80K should it overcome the resistance wall. At press time, Bitcoin hovers around $70,146.
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