Popular cryptocurrency trader and analyst Michael van de Poppe suggested that Bitcoin’s BTC/USD compression could be a sign of an impending major breakout.
What Happened: Known for discussing strategies around cryptocurrency portfolios and picking the assets to invest in, Van de Poppe drew attention to Bitcoin’s sideways movement in a video shared via his official YouTube channel Sunday.
“Usually when the markets are compressing or when the price is just consolidating and becomes more narrow, that is pretty much the waiting period before the big breakout takes place,” he predicted.
Van De Poppe added that Bitcoin was struggling to lift to the crucial range low level between $61,000 and $62,000 but the moment it breaks to that level, it will be ready to scale new all-time highs.
On the contrary, if King Crypto fails to retain $56,000 as a crucial support level, it might sink further to the mid $40,000s, invalidating the bullish narrative.
See Also: Telegram CEO Pavel Durov’s Arrest Has Sent This Crypto Spiking By 150% – What’s The Link?
Why It Matters: Van de Poppe’s forecast came amid BItcoin’s consolidation over the weekend after the Federal Reserve’s rate cut signal induced a rally to the high $64,000s on Friday. The apex cryptocurrency also touched $65,000 Sunday evening.
Last week, Bitcoin spot ETFs recorded net inflows exceeding $506 million, a 1453% jump from the previous week, according to data from SoSo Value.
In a massive endorsement, legendary investor Bill Miller III deemed Bitcoin as one of his best investments. He also called King Crypto an insurance policy against economic turmoil and pandemics.
Price Action: At the time of writing, BTC was exchanging hands at $63,954.04, down 0.39% in the last 24 hours, according to data from Benzinga Pro.
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