Crypto strategist Michaël van de Poppe says Bitcoin (BTC) may take off on a series of rallies if it can break through a key resistance level in the coming days.
The analyst tells his 782,000 followers on the social media platform X that Bitcoin needs to flip $84,500 into support this week in order to regain bullish momentum.
However, he warns if Bitcoin fails to break through $84,500, the flagship crypto asset may collapse in price.
“I really want to see some momentum on Bitcoin. If it doesn’t happen this week and we’ll break sub $82,000, likely we’ll see some new lows. Break $84,500 equals party time.”
Looking at his chart, the analyst says if Bitcoin fails to reclaim $84,500 as support this week, there are two likely outcomes.
“Two scenarios, as Bitcoin faces crucial resistance here:
- Reject and find a higher low [around $82,000].
- Reject and double-bottom retest [in the $70,000 range] before moving higher.”
Bitcoin is trading for $87,315 at time of writing, up 5.7% in the last 24 hours.
Next up, the analyst says that the decentralized oracle network Chainlink may be printing a double-bottom pattern against Bitcoin (LINK/BTC) on the weekly chart.
A double-bottom pattern is typically considered a bullish reversal pattern as buyers step in to create a price floor for an asset.
“LINK doing a double bottom test and back to the range low. Weekly firing up nicely. Things are heating up the right way.”
Based on the trader’s chart, he seems to predict that LINK/BTC will soar to as high as 0.000795 BTC worth $68.39.
LINK/BTC is trading for 0.0001719 BTC ($14.92) at time of writing, up nearly 2% in the last 24 hours.
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