Bitcoin Bulls vs. Bears: Will the BTC Price Rally Continue This Week or Price Topped Out?

Bitcoin has broken above the $24,600 barrier, bringing it into the weekend in a strong position. In the last week, it has gone up by 14%. The crypto world has been abuzz with predictions and analyses as people attempt to decipher if the bulls have reached a peak or whether the bears are merely resting.

Top Expert Chimes In

Michael van de Poppe has posted a video on YouTube offering an analysis of Bitcoin, in which he offers his perspective on the subject. The analyst anticipates that there will be some retesting on the market before the surge continues in its current direction.

With Bitcoin’s phenomenal price increase at the beginning of the year, Michael has maintained a bullish outlook on cryptocurrency. The expert is sticking to his prediction that Bitcoin would have a significant increase before the middle of the year, despite the fact that he believes there will be some degree of stabilization toward the end of February.

Michael is of the opinion that the Bitcoin bulls do not yet have complete control of the market; nevertheless, if the price of the “king coin” does not fall down below $20,000, then the Bitcoin bears will not be in full control either. In addition, he said that it is very unlikely that the price of Bitcoin would go below $20,000 any time soon, or even at any point this year, emphasizing once again that the current market run is similar to that of 2019.

Technical Analysis

Bitcoin has risen and begun a trend toward higher prices after establishing support close to $23,325, which corresponds to a 50% Fibonacci retracement level. The most recent candle to close above this level sparked a purchasing trend in Bitcoin, which has led to bullish sentiment in the market.

The 50-day moving average is contributing to the possibility that Bitcoin will continue to be on an upward trend for the foreseeable future. Investors may want to keep an eye on the level of $24,250 as a possible entry point to establish a long position in Bitcoin. This will allow them to profit from the current trend.

According to my analysis, I anticipate that $25,300 will serve as Bitcoin’s next significant barrier to its upward trajectory. In the event that a bullish crossing takes place above this level, it has the ability to drive the price of bitcoin higher to $26,000.