Cryptocurrency markets are showing signs of continued consolidation as seen in the weekly candlestick chart, causing BTC to move slowly. Meanwhile, renowned crypto analyst Michaël van de Poppe is predicting that Bitcoin could surpass $70,000 next week. As of now, Bitcoin is trading at $67,100 and up by 4.8% in the past 24 hours.
Bullish Outlook For Bitcoin
Analyzing the weekly candle patterns across various cryptocurrency markets van de Poppe reveals a notable trend of consolidation. Van de Poppe expects bitcoin prices to test the $70,000 price level by next week. This optimism is driven by strong market momentum and increased investor confidence.
On March 24, the Spot Bitcoin ETF saw a whopping $91.6 million in funding, with GBTC alone bringing in $61 million. However, BlackRock’s ETF (IBIT) posted minimal net inflows, fading some of the negative sentiment.
Meanwhile, leading crypto investor Mister Crypto expresses bullish sentiment on Bitcoin’s trajectory, revealing a breakout of the descending triangular pattern over the 4-hour timeframe.
This break means that Bitcoin will retest its resistance level again next week.
Altcoin Rally Coming!!!
As Bitcoin draws attention to its potential rally, crypto analyst Van de Poppe shifts his focus to the strength of the altcoin market. This suggests broader market consolidation, with altcoins poised to benefit from Bitcoin’s upward momentum.
With altcoins emerging from the accumulation phase and boasting a market capitalization of over $1.125 trillion, the coming days are crucial. As Bitcoin’s halving approaches, it will be interesting to see Bitcoin’s impact on altcoins.
Van de Poppe’s research paints a positive picture of the cryptocurrency ecosystem, presenting promising opportunities in digital assets to traders and investors.
