thecryptobasic.com
Michaël van de Poppe, a seasoned crypto analyst, recently predicted a timeline for Bitcoin to finally retest its all-time high price.
He disclosed this in his latest analysis which leveraged Bitcoin’s 4-hour chart. The market veteran argued that crypto’s firstborn had formed a setup for a price increase in the coming weeks, stressing it was on the cusp of breaking price thresholds that could push it toward its ATH.
Critical Bitcoin Levels
The chart reveals a bullish structure, with Bitcoin trading around $68,400 at the time of the analysis. The asset has since increased to $68,880 at press time. Recent liquidity taken at levels near $67,000 suggests that Bitcoin could be gathering momentum to surge higher.
The presence of liquidity zones and support levels within the $64,000 to $65,000 range shows that buyers are actively defending these areas, which could provide a strong foundation for a move upward. In particular, Bitcoin appears to have “taken liquidity” in these zones.
BTC Approaches Its ATH
As Bitcoin approaches its ATH, the chart indicates some minor pullbacks, but these are healthy corrections that will pave the way for a sustained uptrend. The chart highlights major resistance zones around the $71,600 and $73,600 levels, the ATH levels.
A push toward these barriers would lead to a crack of the ATH. Van de Poppe expects BTC to retest this area in the next two weeks. Meanwhile, the zone, representing an area for taking liquidity, could initially trigger a slight correction before Bitcoin gathers strength to overcome it.
Further data shows that van de Poppe anticipates a pullback around the $66,000 level, where another liquidity zone exists. The analyst expects this area to act as a demand zone, supporting Bitcoin’s price if it faces temporary downward pressure.
The Impact of Macroeconomic Events
Van de Poppe also considered the impact of macroeconomic events, which he believes could drive Bitcoin’s momentum. Several upcoming events may affect the cryptocurrency market.
For instance, rising bond yields have historically influenced Bitcoin prices, as investors seek alternative stores of value. If yields peak, as van de Poppe expects, it may fuel further demand for Bitcoin.
Additionally, the upcoming U.S. presidential election is generating uncertainty in the traditional markets, leading some investors to turn to cryptocurrencies as a hedge. Also, any dovish stance by the FED regarding interest rates could also enhance Bitcoin’s appeal.
Notably, legendary trader Peter Brandt previously suggested that Bitcoin remains in an inverted broadening triangle, a bearish structure, despite the recent upward push. According to the analyst, BTC would need to breach the $72K mark before it can look toward new heights.