- The $64,000 to $65,000 support zone could be crucial for Bitcoin’s next move.
- A reversal from the current support level could see Bitcoin head toward a $79,000 target.
- A break below the current support would lead BTC to lose all of its recent gains.
Cryptocurrency analysts predict that Bitcoin is trading near a crucial support zone between $64,000 and $65,000. One such analyst, Michael van de Poppe, highlighted this area as coinciding with the 21-MA on the daily timeframe and believes BTC will rally if support holds around this zone.
Bitcoin Could Follow Altcoins’ Lead
The analyst posted on X, stating that Bitcoin’s behavior in the next few days will be critical. He believes the cryptocurrency will target $74,000 to $79,000 if it bounces off current support. According to Van de Poppe, the strong momentum in the altcoin market will bolster Bitcoin’s bullish move.
Considering historical performances, the analyst noted that the markets are in a different shape than in previous years. He explained that altcoins tanked in the past, even when Bitcoin prices rose. However, it is the altcoins that are dragging the markets this time, positioning themselves to include Bitcoin in the upsurge.
Van de Poppe further compared Bitcoin with Gold, highlighting that it typically takes 50 to 60 weeks for the market to hit a bottom during bear markets. He noted that the BTCUSD/Gold chart has fulfilled this condition, presenting a phenomenal entry level for traders, even if the prices decline further.
Related: Oil Hits 3-Month Low, Bitcoin Holds Above $65K as Geopolitical Tensions Ease
It is Either This Way of The Other for Bitcoin
In the meantime, renowned crypto investor Ted Pillows highlighted the latest Bitcoin price behavior, suggesting possible scenarios for the cryptocurrency. Pillows noted that BTC failed to overcome the $67,000-$68,000 resistance during the latest rally, declining into the crucial $64,000-$65,000 support zone.
The investor identified two possibilities for Bitcoin, including a potential break above resistance or a further decline to lower levels. According to him, a bullish reversal and a break above the next resistance could trigger a notable Bitcoin rally, pushing the cryptocurrency well above $70,000. However, breaking below support could see BTC give up most of its short-term gains.
TradingView data reveals Bitcoin traded at $65,316 at the time of writing, reflecting a 2.8% pullback from the latest rally, which saw the cryptocurrency reach a local high of $67,253.
Related: Bitcoin Price: Galaxy Says $43K Bottom While Standard Chartered Calls $59K the Low
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