dailyhodl.com
Crypto strategist Michaël van de Poppe says Bitcoin ($BTC) may take off on a series of rallies if it can break through a key resistance level in the coming days.
The analyst tells his 782,000 followers on the social media platform X that Bitcoin needs to flip $84,500 into support this week in order to regain bullish momentum.
However, he warns if Bitcoin fails to break through $84,500, the flagship crypto asset may collapse in price.
“I really want to see some momentum on Bitcoin. If it doesn’t happen this week and we’ll break sub $82,000, likely we’ll see some new lows. Break $84,500 equals party time.”
Looking at his chart, the analyst says if Bitcoin fails to reclaim $84,500 as support this week, there are two likely outcomes.
“Two scenarios, as Bitcoin faces crucial resistance here:
- Reject and find a higher low [around $82,000].
- Reject and double-bottom retest [in the $70,000 range] before moving higher.”
Bitcoin is trading for $87,315 at time of writing, up 5.7% in the last 24 hours.
Next up, the analyst says that the decentralized oracle network Chainlink may be printing a double-bottom pattern against Bitcoin ($LINK/$BTC) on the weekly chart.
A double-bottom pattern is typically considered a bullish reversal pattern as buyers step in to create a price floor for an asset.
“$LINK doing a double bottom test and back to the range low. Weekly firing up nicely. Things are heating up the right way.”
Based on the trader’s chart, he seems to predict that $LINK/$BTC will soar to as high as 0.000795 $BTC worth $68.39.
$LINK/$BTC is trading for 0.0001719 $BTC ($14.92) at time of writing, up nearly 2% in the last 24 hours.
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