LIVEPotential Correction in BTC Price
Michaël van de Poppe has surprised many with his cautious stance on Bitcoin's near future.
Coin Edition reports that, the analyst expressed skepticism about the possibility of Bitcoin prices surging to the highly anticipated US$100,000 mark any time soon. According to him, the path to US$100,000 appears fraught with challenges, especially due to the significant resistance that Bitcoin is currently facing.
This view is especially interesting, considering optimistic forecasts by other market observers who see the $100K milestone as an inevitability for BTC.
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Going deeper into his analysis, Michaël pointed out the presence of strong bearish forces particularly concentrated around the US$72,000 price point.
Through the chart accompanying his update, he highlighted how Bitcoin appeared to reject the US$72,000 level, an observation that adds a layer of complexity to the BTC price dynamics.
According to this data, Bitcoin's biggest resistance zone lies within the range of US$70,180 and US$70,600, the critical threshold that BTC must cross to pave the way for higher valuations.
The significance of this resistance zone is emphasized by the large amount of Bitcoin held in this price range by a fairly large number of addresses. Specifically, IntoTheBlock data reveals that 292,000 addresses hold approximately 397,000 Bitcoins in this narrow price range, which translates to more than US$28 billion in potential selling pressure.
This concentration of Bitcoin holdings represents a strong barrier to BTC price increases, with the US$70,180 to US$70,600 range an important battleground for bulls and bears.
However, Martinez also highlighted the upside for Bitcoin beyond this wall of resistance. He noted that beyond the US$70,600 mark, Bitcoin faces minimal resistance up to the US$72,500 level, as fewer addresses have accumulated BTC in this higher price range.
