The post Bitcoin Price to Dip to $76K Before Bull Run, Says Top Analyst appeared first on Coinpedia Fintech News
Bitcoin is climbing again to $89,000 and now it’s eyeing a key resistance level of $90,000 to break. Perhaps, popular crypto analyst Michael van de Poppe, Bitcoin might take a small dip to $76,604 before going higher. He also believes that a deal between the U.S. and China could help push the price up again.
But will Bitcoin break out soon, or is it about to cool off?
Bitcoin Is Near a Strong Resistance Again
In a recent tweet post, van de Poppe shared a chart showing Bitcoin’s recent bounce and its approach to a critical resistance zone around $88,244–$86,549. This area has been a tough spot for Bitcoin in the past. Every time it reaches near this level, it gets pushed back down.
But things might be different this time.
Poppe’s chart suggests that if Bitcoin sees another small pullback, possibly retesting the $80,982 area, it could act as a healthy reset. He believes that this correction, if it happens, will test whether buyers still have enough strength to push the price higher.
But if Bitcoin doesn’t hold at that level and drops more, it might go down to around $76,604. This was a support level earlier, but now could act as a new resistance.
Global Events Will Pump Bitcoin Price
Interestingly, the analyst also hinted at something bigger on the horizon, a potential deal between the U.S. and China. If such a deal reduces market tensions, Bitcoin might see a boost.
Meanwhile, Bitcoin’s price saw a slight increase after the world’s biggest corporate Bitcoin holder, Strategy, bought around 6,556 coins for about $555.8 million.
As of now, Bitcoin’s price is slowly rising above $88,500, with a 1.5% increase in the last 24 hours.