Analyst Who Accurately Predicted Bitcoin’s Big Pullback in March Plots Path Ahea

[Btceth01]

Crypto analyst Michaël van de Poppe is charting Bitcoin’s short-term trajectory, as the flagship currency bounces back after a dive to the low $50,000 range this week.

In a new video, the analyst who nailed the timing of Bitcoin’s March pullback predicts that BTC’s current rally will likely stop at the $58,500 level.

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“What is critical right now based on the daily timeframe is this entire region here, so anything above [$58,500] is going to bring markets to new all-time highs.

Is that expected? I’m not expecting it at this stage in which I’m assuming that we’re going to have a range bound construction.”

On the lower timeframe, Van de Poppe notes that Bitcoin is facing clear resistance at $56,200 and is attempting to find support at $54,100.

The trader warns that if the $54,000 range fails to act as support for BTC, the king coin will likely retest the $50,000 level over the course of the next week and may even move down towards $48,500 temporarily.

If the flagship cryptocurrency does bottom out towards the low $50,000 range, it will likely make room for a longer altseason. Source