Market analyst Van de Poppe believes Bitcoin (BTC) is currently looking to consolidate at its current price as the altcoin bottom slowly creeps in.
Michaël van de Poppe, Founder of MN Capital and seasoned analyst, revealed his BTC analysis chart in a recent post on X, highlighting support ranges around $51,000 and $46,000.
He explained that Bitcoin is eager to consolidate at its current price position. Interestingly, the daily relative strength index (RSI) has continued to move in a choppy direction at this level, confirming the tendency of a range-bound movement.
However, in his accompanying chart, the analyst called attention to two pivotal price ranges, between $51,000 to $52,500 and from $45,000 to $47,000.
Van de Poppe highlighted that BTC is going through a “period of boredom” indicating a sense of stagnancy in the market. However, the analyst revealed that if Bitcoin witnesses a correction, these two ranges are the support levels to watch.
The period of boredom for #Bitcoin, which is eager to consolidate here.
Overall, I'm expecting this won't change for the coming months, but I think we're at the altcoin bottom. pic.twitter.com/hxR5jICTDX
— Michaël van de Poppe (@CryptoMichNL) April 18, 2024
Amid the backdrop of geopolitical turmoil and Fed interest rate uncertainty, the momentum that carried BTC price above $72,000 on April 8 has faded as price now sits at around $62,100.
As the market uncertainty grows, van de Poppe’s chart spotlights immediate support and resistance levels to watch out for. BTC boasts a close support at $60,748, which could hold against any steeper drops should a correction occur.
Meanwhile, if Bitcoin maintains the recent recovery push, it is likely to face pivotal resistance at the April 13 high of $67,789. A breach above this level could skyrocket Bitcoin’s price back toward the recent ATH above $73,000.
As an altcoin enthusiast now speculating an altcoin bottom, van de Poppe recently revealed that the ongoing correction in the altcoin market signifies a significant buying opportunity.
On April 2, he compiled his top 10 list to buy during the dip, which included the likes of Chainlink (LINK), Polkadot (DOT), Cosmos (ATOM), and Arbitrum (ARB).
Community Consolidation Consensus
In the comments of van de Poppe’s latest BTC analysis chart, the community showed a narrow range of opinion, agreeing upon consolidation and firm future bullish expectations.
Additionally, CryptoMoon posted his opinion. In a chart, he noted two points of price deviation, with BTC currently within one of these points. speculating bullish signs ahead if BTC breaks out above the “bull market support band.”
BTC’s 24-hour trade volume currently stands at $44,074,301,671 despite the 10% slump over the last seven days. The asset is currently trading at $62,408, witnessing a 0.46% decline over the last 24 hours.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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