Bitcoin Sees Path to $85K as Bear Market Drawdown Fades
Analyst Michaël van de Poppe is predicting that Bitcoin will advance towards the $85,000 zone. This projection is based on his analysis of the current market situation and the fact that most of the bear market drawdown has already occurred.
According to van de Poppe, this means that there's limited scope for deeper declines in the months ahead. The analyst points out that Bitcoin's price action on the 4-hour chart shows a bullish structure above both the EMA50 at $63,740.96 and EMA200 at $63,667.55.
The MACD has confirmed a golden cross at 91.88, indicating a potential trend reversal. The Bollinger Bands show that Bitcoin is trading inside them, with immediate resistance at $64,369.06 and short-term support at $62,348.82.
Van de Poppe's projection assumes that the price will continue towards higher weekly levels before any meaningful pullback to the 50-EMA confluence.