Bitcoin's 'No Direction' Action May Lead To Bigger Breakout: Analyst
An analyst suggests Bitcoin's current consolidation could lead to a significant rally, despite recent price stagnation and market fear.Summary
Bitcoin has been trading within a narrow range of $60,000 to $74,000 since February 6th, currently around $66,890, representing an 8.25% decrease over the last 30 days. Analyst Michael van de Poppe believes this prolonged consolidation indicates a potential for a substantial breakout, stating, “The longer it lasts, the heavier the breakout will be.” He anticipates Bitcoin surpassing $71,000, a level not seen since March 26th. However, other analysts express skepticism, with some predicting a “deeper bear” market due to global macro factors, and veteran trader Peter Brandt not expecting a new price high until 2027. Despite van de Poppe’s optimism, the Crypto Fear & Greed Index remains in “Extreme Fear” territory, scoring 11.
(Source：Cointelegraph)