Bitcoin May Climb to $75,000 if It Establishes Support at $64,000, Van de Poppe Says
Summary
- Michaël van de Poppe said Bitcoin could rise to $75,000 and $79,000 if it establishes support at the key $64,000 resistance level.
- He said Bitcoin remains range-bound between major price levels, needs to build enough momentum for an upside breakout, and has not yet confirmed a break above a major resistance level.
- He added that if Bitcoin rises to $75,000, market investor sentiment could improve sharply and recent downward pressure could ease significantly, though the scenario is based on technical analysis.
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Crypto analyst Michaël van de Poppe said Bitcoin could have further room to rise if it clears a key resistance level.
In a post on X on June 10, van de Poppe wrote that Bitcoin would have a higher chance of advancing to $75,000 and $79,000, where Chicago Mercantile Exchange, or CME, gaps are located, if it can establish support around $64,000.
He said Bitcoin is still trading in a range between major price levels.
Before an upside breakout can happen, Bitcoin needs time to build enough momentum. A break above the main resistance level has not yet been confirmed, and the cryptocurrency still has several price zones to reclaim before a bullish reversal can take hold.
Van de Poppe added that if Bitcoin rises to $75,000, investor sentiment could improve sharply and recent downward pressure could ease significantly.
A CME gap refers to a price gap that forms when the spot market moves sharply while CME's Bitcoin futures market is closed. Some traders view those gaps as levels that tend to be filled later in the price cycle.
He said the outlook is a scenario based on technical analysis and that actual market moves could still vary depending on macroeconomic conditions, ETF fund flows and changes in investor sentiment.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
