Bitcoin Bulls Should Be Wary Of This Level Or Investors Risk Getting Trapped

In the first scenario, he predicts that if Bitcoin closes the week below $79,300, he would consider that a signal to take a short position. In that case, he targets a sharp reversal toward $60,000, with invalidation above the current weekly wick.

Poppe notes that the cryptocurrency is still preparing for more upside and could be heading toward its next resistance levels between $85,000 and $88,000 by May. He predicts that once the price reaches this level, it could reverse sharply, potentially declining toward $56,000.