Popular market pundit Michaël van de Poppe has stated that Bitcoin has already recorded its cycle bottom. The premier cryptocurrency is currently in a sustained uptrend that began in early April. During this time, Bitcoin’s price has surged from around $67,500 to a recent peak of around $80,000, culminating in an approximate net gain of 20%.
50-Week MA Indicator Represents Pivotal Encounter For Bitcoin BullsGoing by this historical data, the immediate resistance level for Bitcoin lies between $86,000 and $88,000, a price zone that had served as the major support region from November to January, prior to the heavy market sell-off that closed out January.
– $86-88K. – $93-95K (at the 50-Week MA).
In any first rally of the bull cycle, you'll see resistance around the previous support level and/or the 50-Week MA.
However, the more significant resistance level sits higher. As the name implies, the 50-Week Moving Average (MA) is a long-term technical indicator that tracks the average closing price of an asset over the past 50 weeks to identify the broader market trend. It is often used to spot major resistance or support levels and to confirm bullish and bearish market momentum.
Van de Poppe’s Bitcoin analysis reveals that the 50-Week MA has consistently acted as a major flip zone during Bitcoin bull markets once it is below the 200-week moving average, which serves as a critical long-term support level. As seen in the previous cycle, this crossover turns the 50-week MA into a strong support level, paving the way for an extended price rally.
Altcoin Rally, Market Retrace – Bull Run Bears Multi-PhasesAccording to van de Poppe, there is a strong possibility that Bitcoin consolidates around the highlighted resistance zones for a few weeks. During this time, the analyst predicts that altcoins could attract capital inflows and register a significant rally, presenting an early opportunity to recoup losses from the bear market or compound gains for new market entrants.
However, van de Poppe also warns that Bitcoin could retest the $70,000-$75,000 range before resuming its bull rally. At press time, Bitcoin trades at $80,900, up 1.02% over the past day. Meanwhile, daily trading volume is down 44.29% to $19.29 billion.
