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Analyst Michaël van de Poppe says Bitcoin’s bear phase has ended, citing a pattern of higher lows and a strengthening technical structure across multiple timeframes.
Van de Poppe argues that BTC is consistently printing higher lows, which he says signals sustained upside momentum for Bitcoin.
“The upside on commodities is done. The bear phase for Bitcoin is also done. Good times are ahead… The fact is that we’ve been establishing this range for quite some time. However, with this build-up, I think that we’ll see $75,000-80,000 in March.”
He also points to the BTC versus gold chart as further evidence, saying it has reached a bottom and shows bullish divergence on higher timeframes.
“BTC vs. Gold has hit its bottom. The simple reason for that is a technical one. Has nothing to do with any of the geopolitical situations. Just technical. There’s a strong bullish divergence on the daily and weekly timeframes.”
Van de Poppe believes the market shock tied to the US and Israel’s attack on Iran has largely passed, while warning that subsequent headlines may be driven by fear.
“Obviously, yes, we can get a ground war in Iran, but the largest shock impact has taken place. Be rational; there’s a lot of rumours on ‘what might happen’ after this and those are all fear-driven. Reality isn’t probably going to be that bad. Fear sells during these periods. As a matter of fact, I think that we’ll see more sell-offs taking place from smart people in Gold and Silver and rotation towards equities and Bitcoin.”
At the time of writing, Bitcoin is trading at $68,291, down 3.7% over the last 24 hours.
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