Crypto expert has outlined an from which Bitcoin must break out. He claims that once it achieves a successful breakout, the flagship crypto will see a .
Bitcoin Needs To Break Through $70,000
Van de Poppe mentioned in an X (formerly Twitter) that Bitcoin needs to break through $70,000 on the lower time frame (LTF) basis. Once that happens, the analyst claimed that Bitcoin will likely see a new ATH.
He also noted that lower timeframe regions at $67,000 were holding. Meanwhile, he highlighted Bitcoin’s , stating that almost three months have passed since the crypto token remained in that range. .
However, the crypto expert believes that Bitcoin will likely remain stuck in this range for a “substantial period,” with the possibly trading lower. This is because he foresees a rotation from Bitcoin towards , which will cause the flagship crypto not to move to the upside.
This long consolidation period was expected from BTC. , the co-founder and former CEO of BitMEX, predicted that the crypto token would continue to range between $60,000 and $70,000 until August. has also repeatedly mentioned that Bitcoin will face such a long consolidation period, which he claimed is good for Bitcoin.
He noted how the flagship crypto hit a new ATH before the brought about an accelerated cycle. However, a long consolidation period means Bitcoin is trying to resynchronize with previous halving cycles. He suggested this is better since it will make the bull run longer. Rekt Capital claimed If it successfully resynchronizes with the previous bull cycles, Bitcoin will peak sometime in September or October next year.
In a recent , Rekt Capital mentioned that “there is still scope for additional consolidation at these highs” but added that the time left in this phase “is slowly running out.” The chart the analyst shared suggested that Bitcoin simply needs to break out from the $70,000 range before it enters into the ‘parabolic uptrend’ phase.
BTC May Be Headed To $78,000 Next
recently that Bitcoin could be headed to $78,000 on its next leg up. He revealed that the flagship crypto had broken out of an inverse head and shoulders pattern and was currently “bull flagging for the next move.” He highlighted $78,000 as the price target for this next move.
In a subsequent , he claimed that BTC retesting its support level might be the next step before this “explosive rally” finally happens. Bitcoin potentially rising to $78,000 is significant as it could clear the road for the flagship crypto to hit $100,000. Crypto analyst Crypto Jebb previously mentioned that there is a “great degree of likelihood” that Bitcoin would rally to $100,000 should it break its current ATH of $73,800.
