Popular cryptocurrency trader and analyst Michael van de Poppe suggested this Bitcoin BTC/USD compression may be a sign of a major breakout to come.
What happened: Known for discussing strategies around cryptocurrency wallets and choosing which assets to invest in, Van de Poppe drew attention to Bitcoin’s sideways movement in a video shared via his official YouTube channel on Sunday.
“Usually when the markets are compressing or when the price is just consolidating and getting narrower, that’s pretty much the waiting period before the big breakout takes place,” he predicted.
Van de Poppe added that Bitcoin is struggling to rise to the lows between $61,000 and $62,000, but once it reaches that level, it will be poised to make new all-time highs.
On the contrary, if King Crypto fails to hold $56,000 as a crucial support level, it could sink further to the mid-$40,000s, invalidating the bullish narrative.
See also: Arrest of Telegram CEO Pavel Durov caused this cryptocurrency to jump 150% – what’s the connection?
Why it matters: Van de Poppe’s prediction came amid bitcoin’s consolidation over the weekend after the Federal Reserve’s interest rate cut signal sparked a rally to a high of $64,000 on Friday. The Apex cryptocurrency also hit $65,000 on Sunday evening.
Last week, bitcoin spot ETFs recorded net inflows of more than $506 million, a jump of 1,453% from the previous week, according to data from SoSo Value.
In massive endorsement, legendary investor Bill Miller III considers Bitcoin to be one of his best investments. He also called King Crypto an insurance policy against economic shocks and pandemics.
Price action: At the time of writing, BTC was exchanging hands at $63,954.04, down 0.39% in the last 24 hours, according to data from Benzinga Pro.
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