Bitcoin Breakout Imminent as Analyst Sees Path to $82,900

Bitcoin's price has been stuck in a range between $65,000 and $73,700 for some time, but analyst Michaël van de Poppe believes it will soon break above its key weekly resistance of $65,800.

Van de Poppe pointed out that the momentum indicators across longer timeframes are showing bull divergences, which he claims is a sign that the down momentum is losing strength. He also referenced breakouts in several altcoins with similar momentum patterns, suggesting that Bitcoin may follow suit.

According to Van de Poppe, a break above $65,800 will unlock further gains for Bitcoin, with the next target being $73,700 and then $82,900. The latter level sits near Bitcoin's 50-week moving average and would signal the end of the bear market.