Crypto analyst Michaël van de Poppe believes that Bitcoin and other digital assets will soon print massive gains if BTC holds one key level as support.
Van de Poppe tells his 820,000 followers on X that if Bitcoin stays above $64,000, the crypto market will soar in the coming weeks.
“That’s the incoming test for Bitcoin and it will decide everything in terms of direction for the coming period. If Bitcoin fails to hold above $64,000, we’ll be testing new lows. If it does hold above $64,000, I assume we’ll be seeing $74,000-$79,000 as the next target zone and it period of time for altcoins from here.”
The analyst also says that both the weekly BTCUSD/gold ratio, which is the value of Bitcoin relative to the price of gold, and the Relative Strength Index (RSI) indicator are signaling the top digital asset by market cap has bottomed based on historical precedence.
The RSI is a momentum oscillator used to determine whether an asset is oversold or overbought. The RSI’s values range from zero to 100 with the level between 70 to 100 indicating that an asset is overbought while the zero to 30 level indicates that an asset is oversold.
“Bitcoin vs. gold is the best chart to look at. Every time there’s a bear market, it takes approximately 55-60 weeks for the bottom to be hit. In 2018, 2022, and this time, that’s been the case. The lowest RSI read on the weekly timeframe was also hit during the previous kets can definitely hit lower, and the four-year cycle can play out, but overall, the current market state is a phenomenal entry regardless of any lower prices.”
Bitcoin is trading for $64,583 at time writing, down 1.7% on the day.
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