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The founder of the consulting firm MN Trading and analyst Michael van de Poppe has stated that bullish signals for Bitcoin are strengthening, bringing it closer to a critical breakout level.
According to his assessment, the current price structure of Bitcoin, contrary to previous expectations, allows for an upward scenario.
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The analyst pointed out that in earlier periods, price increases often began after declines below key levels, where liquidity was established. In the current cycle, such a scenario has not yet materialized; however, he believes the likelihood of continued growth is increasing.
He identified the $71,000 mark as a key level. Surpassing this could create a new momentum that would extend beyond Bitcoin. Van de Poppe mentioned that a more pronounced movement is already being observed in Ethereum, which could serve as a leading indicator for the entire cryptocurrency market.
As immediate targets for the leading cryptocurrency, the analyst indicated the range of $76,000 to $79,000. If this range is breached, the next target could be the $86,000 level. According to the analyst, a breakout above these values could trigger a new mini-rally, including in the altcoin market.
Previously, Michael van de Poppe noted that the lack of significant movement in Bitcoin might suggest the formation of a base for further growth.
