A prominent crypto analyst has highlighted the crucial resistance level that Bitcoin (BTC) must surpass to initiate its next significant upward movement.
In a recent series of tweets, crypto analyst Michaël van de Poppe shared with his 792,600 followers on X that reclaiming the $106,000 level would indicate the next bullish phase for the leading cryptocurrency.
“Update on Bitcoin: After hitting liquidity, the price has bounced back. What’s next? Ideally, I’m looking for a break above and sustained hold at $106,000. This would signal the start of the next bullish market cycle.”
Van de Poppe further predicts that Bitcoin will likely test the $106,000 level “in the coming days,” indicating that the recent Fed meeting had little impact on the market.
“With the FOMC show concluded, which was uneventful, we’re back to regular trading for Bitcoin. I anticipate a test of $106,000 and a breakout to the upside in the near future. Altcoins are once again showing stronger performance.”
Wrapping up his analysis with Ethereum (ETH), Van de Poppe suggests that the market is gearing up to shift towards the second-largest cryptocurrency by market cap and other altcoins. ETH remained stable while BTC consolidated, signaling a potential rotation of market sentiment and momentum towards Ethereum and altcoins.
At the time of writing, Bitcoin is priced at $104,236 with a slight decrease over the last 24 hours. Ethereum is valued at $2,497, also showing a marginal increase for the day.
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