The price of Bitcoin may be headed to the $60,000 level after breaking past a “crucial” support zone between $75,000 and $76,000, according to crypto market analyst Michaël van de Poppe.
Bitcoin fell below the support zone on Friday, van de Poppe said, adding that market corrections occurring on Fridays “flip back bullish quite often.”
There are also “multiple” Chicago Mercantile Exchange (CME) Bitcoin futures gaps above the spot market price, the highest of which is over $79,000, he added. He continued:
“That said, if Bitcoin doesn’t grind back upwards to $76,600 [or more], then there’s clearly no argument to assume that we are going to get into new highs and just remain within this range.”
Bitcoin breaks below the critical support zone around $75,000. Source: Michaël van de Poppe
The forecast comes amid macroeconomic uncertainty over newly appointed Federal Reserve Chairman Kevin Warsh and his interest rate policies, while the Bitcoin bear market drags on for the seventh month.
Related: Bitcoin longs soar despite weak US macroeconomic data: Is $82K $BTC next?
Bullish or bearish? Analysts weigh in on where $BTC is headed next
The Polymarket odds of Bitcoin hitting $55,000 in 2026 are 51% at the time of publication, while the odds of it falling to $45,000 are at 31%.
However, 71% of the circulating supply is held by long-term holders, making a break below $60,000 unlikely, according to onchain data.
Bitcoin has rallied for about 90 days following the $60,000 low reached in February, signaling a bull market rally, according to trader and crypto market analyst Matthew Hyland.
“There has never been a rally that trended upward for 89 days ever in a bear market in $BTC history,” Hyland said, adding, “The break of high time frame resistance has also marked the start of a bull market rally the prior three times.”
Source: Matthew Hyland
Despite the rally over the last several months, Bitcoin’s inability to hold critical price support levels could signal months of consolidation, according to other analysts.
Bitcoin continues to trade well below its 365-day and 200-day exponential moving averages (EMA), two dynamic support levels, and closed below the 50-day EMA on Friday, TradingView data shows.
Magazine: Bitcoin will not hit $1M by 2030, says veteran trader Peter Brandt
Leave a Reply
You must be logged in to post a comment.