Expected price surge for Bitcoin at $112,000?
In the ever-evolving world of cryptocurrencies, Bitcoin (BTC) has made a significant move this week. The digital currency has achieved a daily close outside its downtrend for the first time since August 13, a technical breakout that has sparked optimism among some analysts and traders.
This encouraging sign comes from the Dutch cryptocurrency analyst and trader, Michael van de Poppe. With a background in traditional financial markets, Van de Poppe is the founder and CEO of MN Trading. He is known for his expertise in digital assets and bullish outlooks, such as anticipating a breakout above the $112,000 resistance line in Bitcoin.
Van de Poppe continues to watch the $112,000 level as a key resistance level. If Bitcoin can sustainably settle above this threshold, it could pave the way for a new rally towards the all-time highs. However, he warns that a break above the $112,000 threshold could trigger significant bullish liquidations, emphasising the importance of careful analysis and strategy.
The pseudonymous analyst "il Capo of Crypto" has also weighed in, urging his subscribers to "prepare for impact." Not all market participants are convinced, with some expecting lower lows given Bitcoin's recent major correction, which saw the digital currency lose nearly 10% of its value since mid-August.
As always, the crypto market remains volatile, and it's essential to remain cautious and stay well-informed before making any investment decisions. The next daily closes will be crucial in confirming (or not) this bullish signal.
It's worth noting that this article does not provide an expectation for the Hyperliquid (HYPE) price this week, nor does it discuss who made $698 million on the day of the WLFI launch.
Gaston Cuny, a writer with 7 years of experience and a crypto enthusiast since 2020, has authored this article. As we continue to monitor the developments in the crypto market, stay tuned for more updates.
