Popular cryptocurrency trader and analyst Michael van de Poppe suggested that Bitcoin BTC/USD A compression could be a sign of an impending major breakout.
What happened: Van de Poppe is known for discussing strategies around cryptocurrency portfolios and choosing the assets to invest in. In a video he shared on Sunday via his official YouTube channel, he drew attention to Bitcoin’s sideways movement.
“Usually the waiting period before the big breakout is the time when the markets are compressing or the price is just consolidating and getting tighter,” he predicted.
Van De Poppe added that Bitcoin is struggling to reach the crucial low between $61,000 and $62,000, but once it breaks that level, it will be ready to climb to new all-time highs.
On the contrary, if King Crypto fails to hold the crucial support level of $56,000, the price could continue to decline to the mid-$40,000 level, which would negate the optimistic forecast.
See also: The arrest of Telegram CEO Pavel Durov has pushed the price of this cryptocurrency up by 150% – what is the connection?
Why it is important: Van de Poppe’s forecast came as Bitcoin consolidated over the weekend after the US Federal Reserve’s rate cut signal sparked a surge above $64,000 on Friday. The top cryptocurrency also hit the $65,000 mark on Sunday evening.
Last week, Bitcoin spot ETFs saw net inflows of over $506 million, up 1,453% from the previous week, according to data from SoSo Value.
In a massive endorsement, legendary investor Bill Miller III considered Bitcoin to be one of his best investments. He also called King Crypto an insurance against economic turmoil and pandemics.
Price promotion: At the time of writing, BTC was trading for $63,954.04, down 0.39% over the past 24 hours, according to data from Benzinga Pro.
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