Bitcoin’s price has been moving in a tight range recently, but a major shift could be on the way. Renowned crypto analyst Michael van de Poppe suggests that Bitcoin’s current price behavior hints at a potential breakout. The level to watch closely? The $61,000 resistance zone.
Traders Kept Waiting
Van de Poppe’s analysis of Bitcoin’s 1-day chart shows the cryptocurrency trading between $60,748 and $59,624, indicating a consolidation phase. This narrow range has kept traders on edge, waiting for a clear direction.
Van de Poppe highlights that for Bitcoin to regain upward momentum, it needs to break through the $61,000 resistance level. A successful breakout above this zone could trigger a surge, potentially pushing Bitcoin’s price toward the $71,679 mark soon.
Breakout or Breakdown?
If Bitcoin manages to breach the $61,000 level, it could pave the way for a substantial rally. Analysts believe that such a breakout might set the stage for a new all-time high (ATH).
On the flip side, if Bitcoin fails to break this level, it may remain within its current range, or see a price fall to the next support area of $56,002.
Can the Fourth Quarter Spark a Recovery?
After a challenging end to the third quarter, where Bitcoin’s price fell to $49,000 following the August crash, the fourth quarter could bring renewed strength.
Historically, Bitcoin has seen solid gains toward the end of the year, with price rises of 3.91% in September, 28.52% in October, 8.81% in November, and 12.18% in December 2023.
Bitcoin Analysis
Currently, Bitcoin is trading at $60,331, up 0.56% in the last 24 hours. Its market capitalization is $1.19 trillion, with a dominance rate of 57.36%, showing its strong position in the current crypto market.
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Source: https://coinpedia.org/news/bitcoin-price-in-critical-range-break-above-61k-could-test-ath/