Analyst Says Bitcoin Primed for New All-Time Highs if BTC Reclaims These Resistance Levels, Updates Outlook on Ethereum and Bittensor
A widely followed crypto analyst says that Bitcoin is primed to print new all-time highs if BTC can reclaim key levels as support.
In a new post, crypto trader Michaël van de Poppe tells his 789,400 followers on the social media platform X that if Bitcoin can break through the resistance range between $106,500-$107,000, the flagship crypto asset will likely soar beyond its current all-time high of about $111,800.
“Bitcoin has lost the crucial support level. However, the drop isn’t as severe as we might expect. This means, reclaim of $106,500-$107,000, that would be the party trigger sign for new all-time highs.”
Bitcoin is trading for $105,694 at time of writing, down 1.5% in the last 24 hours.
Next up, the analyst says that Ethereum (ETH) is likely still in an uptrend and gearing up for a massive breakout.
“ETH did break through $2,700 and failed immediately. The thing is, that’s not the crucial level. The second thing is, it’s still building up for a big breakout. When does that happen? Above $2,850 is where the liquidity is and the longer it takes for a breakout to happen, the heavier it will be.”
He also says that ETH has been showing strength against Bitcoin (ETH/BTC) for the past two months and may soon break out against the flagship crypto asset.
“ETH has seen a strong upwards move in April and May, It has also retested the OB (order block) at 0.023 BTC and has held there. This means that we’re about to test the highs and continue the run.”
ETH/BTC is trading for 0.2461 BTC ($2,597), down slightly in the last 24 hours.
Lastly, the analyst says he is turning bullish on Bittensor (TAO), a decentralized blockchain-based network that aims to be a marketplace for artificial intelligence (AI) models.
“TAO looks great, as it’s fighting the final resistance. Ideally, sub-$400 is a steal for this one in which we continue to show an uptrend even if it drops south of that level. It’s the only one in my portfolio nicely holding up and I think we’ll be seeing $700-$800 soon.”
TAO is trading for $397 at time of writing, down 6.4% in the last 24 hours.
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