According to Michaël van de Poppe, most of altcoins have reached the bottom level and are now stabilizing.
The price of Bitcoin (BTC) has experienced a notable decline after reaching a new all-time high in mid-March. The price then retraced to $60,000 within a week before showing signs of recovery. This period of decline was seen as a time when many traders started taking profits after the excitement of the new all-time high.
Various on-chain analyses also show a large number of whale wallet withdrawals following this period, which forced the price to decline. At the time of writing, the price has been recovering and has risen to $66,800. As a result, various analysts are conducting research to determine where the price might be headed next and the factors that could trigger it.
One of the analysts is the popular Michaël van de Poppe, CEO and founder of MN Trading, who is followed by more than 700 thousand people on X. In a recent post, the analyst predicted that Bitcoin price will reach $70,000 again this week based on factors he has revealed in his analysis.
Looking at the weekly candles across the markets, it seems like we're relatively bottoming out for most of the #Altcoins.
I think it's also likely Bitcoin tests $70K upcoming week, including a lot of strength on the altcoin markets.
— Michaël van de Poppe (@CryptoMichNL) March 24, 2024
Why Bitcoin (BTC) Could Reach $70,000 This Week
Michaël’s prediction was based on the candlestick structure that closed the previous week in the crypto market. According to him, the weekly price action suggests that the price has bottomed out for most altcoins. He also observed that Bitcoin has reached a critical support level, and the price is expected to reach $70,000 by the end of this week.
A more critical look at the Bitcoin chart shows that the price is already below a critical resistance level between $67,800 and $68,600. The bulls will have to break above this level for a chance to reach $70,000. It is worth noting that the price has been trading below this price zone since March 16.
In a different analysis, another prominent crypto enthusiast on X, Ali, also provided insight into what might happen to BTC if it breaks past $66,990. In his post, he suggested that the price of the coin could spike up to $72,880. This further showcases the optimism of crypto analysts towards the bullish trend of Bitcoin in the coming weeks. A close above the resistance levels mentioned should give bulls much more confidence and make the price spike to $70,000.
If #Bitcoin can break past $66,990, it will likely rise toward $72,880! pic.twitter.com/dZHZzNFIpq
— Ali (@ali_charts) March 24, 2024
Altcoins Expected to See Higher Highs
Van de Poppe, in the same post, shifted attention to the altcoin market, stating that most of these coins have reached the bottom level and are now stabilizing. Ethereum, for example, saw its price skyrocket to over $4,100 in mid-March before dropping down to $3,067, where it bottomed. Since then, it has been trading sideways between $3,200 and $3,500, indicating that bulls are accumulating before a major price increase. A similar pattern has been noticed with the price of Cardano, Polkadot, and many other altcoins.
Crypto traders and investors can start watching out for the breakout in Bitcoin and some other altcoins or metrics that represent a good entry opportunity as the market anticipates another bullish rally.
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