Cryptocurrency analyst Michaël van de Poppe is saying that Bitcoin (BTC) is set to hit a six-figure price in the current bullish cycle.
The crypto analyst notes that after Bitcoin broke above the $55,000 price for the first time since May, the flagship crypto asset’s current support is around the $49,800 to $51,000 level.
In case of a correction, Bitcoin could plummet to between $40,000 and $44,000, according to Van de Poppe.
“So, at this point I think that given the breakout that we’ve got, the level that we should be watching is the range low that we have been acting in previously to. So this entire region that we’ve got on the lows here, which is that area between $49,800 to $51,000.
If we’re going to get a correction, that is the level that for now is the crucial level for me. Because if we’re going to lose that zone, I think we’re going to quickly [go] beneath this level around $47,000 and drop all the way back towards here [between $40,000 and $44,000].”
On the other hand, Van de Poppe says the bullish outlook is for Bitcoin to range before breaking above the current record high of $64,804.
The cryptocurrency analyst says Bitcoin is likely to replicate a previous pattern, when BTC surged from around $15,000 to slightly over $63,000, before possibly reaching a new all-time high of at least $250,000.
“So we get some sideways action, get to watch the all-time high, get down sideways action, big breakout. And then we get into the final phase in which you can simply copy-paste this entire run [$15,000-$63,000] towards the one that we have above $63,000. And then we probably assume that we’re going to get towards $250,000 or higher.”
Bitcoin has appreciated by 30% over the past seven days and is trading at $54,245 at the time of writing, according to CoinGecko.
IDon't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Tithi Luadthong