- Michaël van de Poppe predicts potential Bitcoin drop from $70K range.
- Bitcoin faces strong resistance at $70,180 to $70,600, says Ali Martinez.
- Van de Poppe suggests Bitcoin could fall to $60,000 if resistance holds.
Prominent cryptocurrency expert Michaël van de Poppe has suggested that Bitcoin
In a latest update on X, Michaël expressed doubt regarding Bitcoin’s ability to surge to $100K shortly. Due to Bitcoin’s current resistance level, he deems the $100K prediction unlikely.
In the accompanying chart of the recent update, Michaël indicated that Bitcoin is still facing significant downward pressure, particularly at the $72,000 price level. He observed that Bitcoin is struggling to break past the $72K mark due to these bearish forces, providing a comprehensive analysis of the situation.
Similarly, Analyst Ali Martinez has shared his views on Bitcoin’s downward pressures. Referencing data from the market intelligence platform IntoTheBlock, Martinez revealed that Bitcoin’s most challenging obstacle is to sustain a closing price above the $70,180 to $70,600 bracket.
According to IntoTheBlock’s data, this price range represents the most formidable resistance zone for Bitcoin because 292,000 addresses have accumulated 397K Bitcoin in it. In other words, there is selling pressure of over $28 billion at the $70,180 to $70,600 price range.
Beyond this resistance zone, Bitcoin faces less opposition, as fewer addresses have bought Bitcoin in the $71,000 to $72,500 range. Consequently, Martinez has posited that if Bitcoin can break through its current resistance, it could reach new, uncharted price territories.
On the other hand, Michaël van de Poppe has posited the possibility of an upcoming downturn, given the substantial resistance Bitcoin is encountering. If Bitcoin cannot surpass the $70,300 mark, he anticipates a potential drop to around $60,000, which would be a roughly 16% decline if his prediction comes to pass.
Previously, Michaël analyzed Bitcoin’s consolidation near the $70K level and suggested that if it could breach the resistance, it might aim for a range between $75K and $80K. Currently, Bitcoin’s price is approximately $70,146.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
