In a recent surge of momentum, Bitcoin is again making headlines as it inches closer to its all-time high price, stirring excitement and speculation among investors and market analysts. Michael Van De Poppe, the CEO of MN Trading Ventures, took to social media to express his anticipation of *BTC* potential to retest its peak value. His observation of the market indicates that if Bitcoin can sustain a price above $69,000, it might very well be on its way to challenging the record high.
#Bitcoin climbing towards a renewed test of the all-time high. If it holds above $69K, it seems likely that we'll have such a test. pic.twitter.com/ua1AFttoxJ
— Michaël van de Poppe (@CryptoMichNL) April 9, 2024
Analysts Compare Support and Resistance Levels
Supporting Van De Poppe’s optimism, an analyst known as Ali provided a detailed look at the market’s support and resistance levels. The data highlights that a significant number of addresses, 1.4 million, hold around 893,000 Bitcoin within the price range of $68,220 to $70,325. In contrast, approximately 474,000 fewer addresses hold 285,000 Bitcoin at a higher price bracket, between $70,760 and $71,200. This disparity suggests that the momentum could be skewed in favour of the bulls, paving the way for Bitcoin’s price to break through the resistance and potentially establish new highs.
When you compare support (1.4 million addresses holding 893,000 $BTC between $68,220 and $70,325) with resistance (474,000 addresses holding 285,000 #BTC between $70,760 and $71,200), the odds appear to favor the #Bitcoin bulls! pic.twitter.com/pceCyGa8mb
— Ali (@ali_charts) April 9, 2024
The statistics shared by Ali hint at a robust support level that may act as a springboard for Bitcoin’s price, setting the stage for an optimistic market outlook. As traders and investors keep a close eye on the $69K mark, the anticipation of a bullish run continues to grow.