Bitcoin’s price has recently bounced from a key support level, located just below the 78.6% retracement, which has been a focal point in the last few days. The price formed a local low and attempted a move to the upside. However, the bullish rally is still in its early stages, and the momentum seems too small to be considered a strong trend just yet.
Currently, Bitcoin has failed to break the previous swing high from February 3rd, which is around $96,700. For the bulls to show strength, a break above this level is essential. While this move up could be a sign of things to come, the price action is not yet strong enough to confirm a substantial low.
If the price fails to break the February 3rd high, Bitcoin could see a pullback, possibly forming a corrective structure. A major focus now is whether Bitcoin can break above the local high to confirm a new bullish trend. As long as the price stays below the February 3rd high, Bitcoin will remain in a range, and the market will continue to face downside pressure.
Crypto analyst Michael van de Poppe has a positive outlook for Bitcoin and Ethereum in the coming weeks. He believes Bitcoin could reach $100K within 1-2 weeks, with the current consolidation phase offering a great entry point for investors. As Bitcoin holds at lower levels, van de Poppe sees it as a chance for a potential breakout.
For Ethereum, van de Poppe is particularly optimistic, saying that ETH has started to outperform Bitcoin, a rare occurrence in recent years. He predicts Ethereum will trade above 0.03 BTC soon and sees this as a sign of increasing momentum. Despite negative sentiment and high volatility in the altcoin market, van de Poppe encourages those holding utility-based altcoins to stay patient, as better times are ahead.
