The Bitcoin price is showing early signs of strength after holding above key support zones, according to recent market analysis from trader Michaël van de Poppe and on-chain structure views.
According to him, the Bitcoin price dropped just below its last low before bouncing back immediately. This is always the case when the buying activity absorbs all the selling activity.
Breaking above the level of $65,000 has greatly strengthened the structure of the weekly candlesticks and diminished downward momentum.
Source: X
Additionally, he said that if the Bitcoin price maintains its bounce and breaks above the level of $66,000, then the price can easily hit levels of $73,000, $76,000, and $79,000, while $83,000 will be the level of the bulls’ dominance.
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Bitcoin Price Short-term Levels and Trader Outlook
Celal Kucuker provided an insight into his trading strategy, which is determined by the behavior of liquidity and consists of regular spikes up to $125,000 and significant falls up to the $54,000-$60,000 zone.
He argues that the market follows the cycle of rapid growth and falls, but even now, the Bitcoin price keeps its weekly position above $65,000. This, in turn, means that until the asset sustains this price, it may rise up to $144,000 in the long term.
Long-term Elliott Wave Roadmap
However, looking at the larger picture using the Elliott Wave theory, it is possible that the Bitcoin price has completed its correction, or Wave 4, and now begins its Wave 5 that traditionally drives the final leg of an uptrend.
This Wave starts from the peak of 2021, falls with a significant fall in 2022, and results in a sharp rise up to $120,000–125,000 by 2025. Following the consolidation in the region of $65,000, there is evidence that the market is poised to move higher.
Source: X
The Fibonacci projections suggest levels of $175,000 in the shorter term, as well as a more distant level of $240,000, provided institutions continue to pour money into the asset. This cycle may take us up to 2027-2028.
The perspective of Bitcoin is still linked to the $65,000 support region. The latter forms the key barrier to either further growth or another wave of correction.
In case of weekly closure above the said level, the technical picture favors continuation of the upward movement. Market players are focused on whether BTC will manage to re-enter the $66,000-$70,000 region.
Market sentiment has been positive following a few recoveries from the liquidity sweep phenomenon, as there continues to be buying action even when prices are falling.
However, volatility is anticipated due to the movement at the major resistance areas. If prices break above the $83,000 mark, there will be a likelihood of entering another stage of the cycle.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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