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.
[adinserter block="1"]“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.
“At least the altseason is going to last way longer or continue if Bitcoin is bottomed out.”
As for Ethereum, the analyst’s chart shows the second largest crypto asset ranging until mid-April when it will again continue its climb toward new highs.
The critical level for ETH to hold is $1,660 and if that fails, $1,500, says Van de Poppe. If Ethereum breaks out earlier than the trader expects, it will have to surge above the $1,750 level to retest its all-time high of $2,042.
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