Bitcoin set a new all time high of around $67k earlier last month. The largest digital currency by market capitalization however failed to go ahead and target its long-term price targets like $80k and $100k and has instead dropped back to $60k-$62k and has largely stayed there. For investors, this is slightly worrying as whenever the bulls have tried to uplift the digital asset above this trading range but failed so far.
If simple analytics are viewed, it appears automatically that the next big resistance for the bulls is around its newly set all time high figure of $67k. That seems to be the logical outlook but according to one analyst, the immediate next target is $64k. According to him, if the bulls manage to go past it, the bull run will likely resume.
Michael Van de Poppe, the analyst in question believes this is the right resistance for the bulls to scale. In a latest Youtube video regarding the market conditions, Van Poppe made a case for $64k as a springboard for the incoming rally should the digital currency overcome it convincingly enough.
He acknowledged the current sideways trading trend and said:
“We’re still chopping between $58,000 and $64,000, and that $64,000 area here is the crucial area that we should be breaking through if we want to get a new all-time high,”
He also gave his two cents regarding the possible highest valuation for the ongoing month. Previously, it was reported that the 11th month will be a month of extremes with the price index fluctuating a lot, anywhere between $50k and $98k. But, Van Poppe now believes that the $98k level will take some time as this bull run is likely to take much longer than the previous two events in 2012-2013 and 2016-2017.
This is in fact easily observable on the graph as Bitcoin is currently in the 18th month since the halving and still hovering around record highs. The halving of 2016 saw the price wildly crashing in the 18th month after topping out its gains around the 15th month in December 2017. So, expect this bull run to be longer and much less volatile than the rollercoaster ones in previous years.
Van Poppe’s interesting hindsight shows that there is room for a prolonged bull run that might continue on till January 2022. A survey by PlanB, another popular analyst shows that the index will still reach $288k by the year’s end but his followers are mostly Bitcoin people so it is very biased. Overall, there is a trend of slower and longer bull runs with each halving for sure if we look at the three post halving price actions we have seen.
Image Source: pixabay.com
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