Bitcoin's Consolidation A Prelude To A Big Breakout, Predicts Popular Crypto Trader: Here's What Next For King Crypto
Portfolio Pulse from Aniket Verma
Cryptocurrency analyst Michael van de Poppe predicts a major breakout for Bitcoin following its recent consolidation. Bitcoin's price is currently fluctuating between $61,000 and $62,000, with potential to reach new highs if it breaks this range. However, failure to maintain $56,000 as support could lead to a drop to the mid $40,000s. Recent market movements were influenced by the Federal Reserve's rate cut signal and significant inflows into Bitcoin spot ETFs.
August 26, 2024 | 6:22 am
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Bitcoin is experiencing a consolidation phase, which analyst Michael van de Poppe suggests could lead to a major breakout. The price is currently between $61,000 and $62,000, with potential to reach new highs if it breaks this range. However, if it fails to maintain $56,000 as support, it could drop to the mid $40,000s.
The analysis by Michael van de Poppe suggests a potential breakout for Bitcoin, which is currently consolidating. The price movement past $62,000 could lead to new highs, while failure to maintain $56,000 as support could result in a significant drop. This prediction is supported by recent market trends, including ETF inflows and Federal Reserve signals.
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