The Bitcoin price has recently rebounded from a key support level, located just below the 78.6%trace, which has been a focal point in recent days. The price formed a local hollow and tried to move upwards. However, the Haussier rally is still at its beginnings, and the momentum seems too small to be considered a strong trend for the moment.
Currently, Bitcoin has failed to break the previous swing on February 3, or about $ 96,700. For the Bulls to show the strength, a break above this level is essential. Although this climb can be a sign of things to come, the action of prices is not yet strong enough to confirm a substantial hollow.
If the price fails to break on February 3, Bitcoin could see a decline, possibly forming a corrective structure. A major objective is now whether Bitcoin can break above the local summit to confirm a new trend. As long as the price remains below February 3, Bitcoin remains in a range and the market continues to cope with the pressure.
Crypto analyst Michael Van de Poppe has a positive perspective for Bitcoin and Ethereum in the coming weeks. He thinks that Bitcoin could reach $ 100,000 in 1 to 2 weeks, the current consolidation phase offering an excellent entry point for investors. As Bitcoin is due to lower levels, Van de Poppe considers it a chance for a potential break.
For Ethereum, Van de Poppe is particularly optimistic, saying that ETH has started to surpass Bitcoin, a rare event in recent years. He predicts that Ethereum will be negotiated more above 0.03 BTC and sees it as a sign of increasing momentum. Despite the negative feeling and high volatility on the Altcoin market, Van de Poppe encourages those who have altcoins based on public services to stay patient, because better times are ahead.
