Crypto expert Michael van de Poppe highlighted an important indicator that suggests Bitcoin could make a significant decline from its current price level. This follows flagship crypto’s the latest drop below $60,000.
CME BTC Gap Closed
Van de Poppe revealed on X (formerly Twitter) posted that CME Bitcoin Gap closed and added that it is time for the crypto token to enjoy a comfortable bounce from its current price level. From the chart he shared, Bitcoin will return $60,000 in support before moving forward.
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Crypto analyst Mkybull Crypto and confirmed that the CME gap has been closed. As predicted by Van de Poppe, the analyst expects Bitcoin to return to the $60,000 range and possibly continue its rise. Mikybull Crypto has revealed that Bitcoin has completed its inverse head and shoulders pattern on the daily chart. He predicted that the flagship crypto could reach the minimum exit target of $70,000 if it successfully breaks above $62,000.
Mikybull Crypto reiterated that Mean/Variation Variables (MACD) indicator shows that a bullish cross is near for Bitcoin. He noted that this shows the strength of the main crypto and that its price is ready to go up. The crypto analyst is also undeterred by Bitcoin’s recent underperformance as he is confident that the parabolic rally will be quick enough.
Contrary to what some might think, he said round up it has not yet sunk in that this is just the “last shakeout” before the market moves in. Based on the chart he posted, he predicts that Bitcoin will still rise above $100,000 and possibly reach $130,000. The reviewer had it mentioned earlier between $138,000 and $150,000 as “proper Bitcoin targets for this run the bull.“
What’s Next for Bitcoin?
As Bitcoin fails to hold above $60,000, bearish calls are becoming louder in the crypto community. Some predict that the flagship crypto could be down to the $40,000 range soon enough. Crypto Analyst CrediBULL Crypto wanted that “there is still a lot to be done” for Bitcoin to make it down that list, suggesting it won’t happen anytime soon.
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He also gave details of what will happen to Bitcoin at its current price level. In accordance with CrediBULL Crypto, there is a chance that Bitcoin will break out of the $58,000 low, hold the high low above the $56,000 low, and then pull back from there. He also suggested that Bitcoin might enter the $53,000 area of demand if the $56,000 floor is broken.
Additionally, the crypto analyst said $40,000 is possible if Bitcoin fails to hold above $53,000. However, he believes that this scenario of Bitcoin falling to $40,000 is “less likely to actually play out.” He noted that this is not something that anyone should “take seriously.” at this time.”
The featured image was created with Dall.E, a chart from Tradingview.com
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