Bitcoin Primed To Hit New All-Time High Once BTC Breaks Above This Resistance Level, According to Trader Michaël van de Poppe

Cryptocurrency analyst and trader Michaël van de Poppe says Bitcoin (BTC) is showing signs of turning bullish.

Van de Poppe tells his 792,200 followers on the social media platform X that Bitcoin could soar above the $112,000 price and hit a new all-time high if BTC manages to break above the resistance level at around $108,900.

“Bitcoin trending back upwards, which is a great sign.”

Based on the widely followed analyst’s Bitcoin chart on the four-hour time frame, it appears Van de Poppe sees BTC witnessing a dip to the zone around $100,000 if the crypto king loses $105,500 as support.

Bitcoin is trading at $105,617 at time of writing.

Next up is the scaling solution Optimism (OP). According to the widely followed analyst and trader, Optimism has formed a bullish divergence against Bitcoin on the three-day time frame.

A bullish divergence forms when price makes lower lows or trends sideways while an indicator such as the Relative Strength Index (RSI) is forming higher lows. Van de Poppe says that the bullish divergence OP is forming could indicate the altcoin is “likely to turn around really soon” against Bitcoin.

OP is trading at 0.00005373 BTC ($0.561) at time of writing.

Follow us on X, Facebook and Telegram

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Generated Image: DALLE3