Bitcoin Needs to Break $70,000 for a Bullish Upswing: Analyst
CryptoNewsTerminal Staff03 Jun, 2024
Bitcoin Needs to Break $70,000 for a Bullish Upswing: Analyst
Michaël van de Poppe, a respected crypto analyst with over 719,000 followers on Twitter, recently shared his insights on the current state of the cryptocurrency market. According to van de Poppe, Bitcoin faces a crucial resistance at $70,000, and breaking above this level could trigger a significant bull run. "Important area continues for Bitcoin," said van de Poppe. "For a real momentum upwards, we need to crack $70,000." The analyst also observed that altcoins are currently showing more strength relative to Bitcoin. This trend, known as "altseason," typically occurs when investors shift their focus away from Bitcoin and into alternative cryptocurrencies. van de Poppe suggests that the current market conditions could be indicative of an impending altseason. "The altcoins are globally showing more strength vs. BTC for now," he said. "This could indicate that we might be in altseason currently." Investors looking to capitalize on the potential upswing in the cryptocurrency market should keep a close eye on Bitcoin's performance relative to $70,000. A decisive break above this resistance level could signal the start of a new bull run, potentially leading to significant gains for both Bitcoin and altcoins.
