Van de Poppe Sees $58K Bottom for Bitcoin

Bitcoin analyst Michaël van de Poppe has stated that there's a high possibility that the low has already formed, echoing trader James Easton's prediction of an extremely high probability of the $58k level being the cycle bottom. According to van de Poppe, Bitcoin's price action on the 4h chart shows it holding above the EMA50 at $64371.2 and EMA200 at $63712.74. The MACD has confirmed a golden cross at 275.43, while the RSI sits neutral at 61.8 inside the Bollinger band.

The upper band at $65320.68 is now acting as immediate resistance for BTC, with any clean break there potentially targeting continuation higher. However, if there's rejection at this level, support may be found at the EMA50 before the next leg up.