The post Bitcoin Price Facing Crucial Resistance, As Analysts Seek Out Bigger Gains appeared first on Coinpedia Fintech News
Bitcoin’s recent price movements have drawn attention, with analysts closely scrutinizing its every move. According to the latest analysis by renowned crypto analyst Michael van de Pop, Bitcoin might be on the brink of significant resistance.
Van de Pop suggests that if Bitcoin manages to break through this resistance, it could climb to $70,000 before the next halving and a lofty target of $300,000 within the current market cycle.
Bitcoin Faces Critical Resistance
In a recent tweet, Van de Pop draws attention to the critical resistance level that Bitcoin is encountering. Van de Pop’s analysis reveals a concerning bearish divergence in Bitcoin’s price chart, indicating a possible downturn shortly.
#Bitcoin still facing crucial resistance.If this breaks, then we'll be seeing a continuation towards new all-time highs.Bitcoin at $70,000 pre-halving.Likely $300,000 this cycle. pic.twitter.com/zNhFu5SrtE
— Michaël van de Poppe (@CryptoMichNL) April 7, 2024
This divergence was particularly notable during a recent bearish rejection at the $72K area, suggesting a weakening bullish momentum. As per van de Pop’s analysis, the critical level to watch is the $70K mark.
Failure to break above this level could trigger a correction phase for Bitcoin, potentially leading to a downward trend.
IF Breaks, BTC To Hit $300k
In addition to highlighting the resistance, Van de Pop offers optimistic price forecasts for Bitcoin. He suggests that if Bitcoin breaks through the resistance, it could propel the cryptocurrency to $70,000 before the next halving event.
Furthermore, he expresses confidence in Bitcoin’s long-term prospects, projecting a target of $300,000 within the current market cycle.
The key factors behind such a bullish outlook are an increasing institutional adoption and mainstream acceptance of cryptocurrencies. This trend is expected to attract fresh capital into the market, leading to further price appreciation.
Formation of Bullish Pennant Pattern
Aligning with the analysis of van de Pop, renowned crypto trader Captain Faibik identifies a similar bullish pattern in the Bitcoin chart. According to the analyst, Bitcoin (BTC) is forming a bullish pennant pattern on the BTC/USD daily chart, indicating potential upward momentum shortly.
$BTC Bullish Pennant formation on the Daily timeframe Chart..!!Bulls must Clear the 70k Resistance area to Confirm the upside Breakout.A Successful Breakout could Send Bitcoin to a New all-time High. #Crypto #Bitcoin #BTC pic.twitter.com/h0QJsoLhkT
— Captain Faibik (@CryptoFaibik) April 8, 2024
Bitcoin bulls must overcome the formidable $70,000 resistance level to validate the bullish pennant pattern. A successful breakout above this level could propel Bitcoin to new all-time highs, marking a significant milestone for the digital asset.
Bitcoin Price Analysis
As of now, Bitcoin is trading at $69,755, showing a slight increase in the last 24 hours. However, the cryptocurrency’s market cap remains steady at $1.37 trillion, reflecting the ongoing battle between bulls and bears in the crypto market.
