Earlier today, crypto analyst Michaël van de Poppe highlighted a critical juncture in Bitcoin’s price trajectory on social media platform X, providing key insights into potential future movements.
The prominent analyst notes that Bitcoin is currently at the “range low.” In technical analysis, the “range low” refers to the lower boundary of a price range within which Bitcoin has been trading over a specific period. This level is significant because it represents a support level where price declines are typically arrested due to an influx of buying interest, preventing further drops. According to van de Poppe, this is “technically the area where you’d prefer to see it hold,” suggesting that maintaining this level is crucial for sustaining Bitcoin’s upward momentum and ensuring the price range remains intact.
Van de Poppe warns that if the range low does not hold, Bitcoin could potentially drop to a new low in the range of $52,000 to $55,000. This scenario would represent a significant correction, indicating a downturn in market sentiment and possibly triggering a bearish phase for Bitcoin. The phrase “potential low on this correction” reflects an anticipated floor price during the current market adjustment, which could be a critical point for traders to reassess their positions.
#Bitcoin is at the range low. This is technically the area where you'd prefer to see it hold, so the upward momentum continues, and the range holds.If this doesn't hold, then we might expect $52-55K as a potential low on this correction. pic.twitter.com/j4rWI0Ti7G
— Michaël van de Poppe (@CryptoMichNL) May 9, 2024
At the time of writing, Bitcoin is trading at around $61,036, marking a 2% decrease over the past 24 hours. Despite this recent dip, Bitcoin has shown a robust performance year-to-date, registering a 45.30% increase against the USD.
