Bitcoin, the biggest digital asset, just skyrocketed to its highest level in two weeks, hitting an impressive $64,289. While leading crypto analyst Michael van de Poppe hints at a bullish run, excitement is building. In his latest analysis, he highlighted important resistance levels and key signs that could spark a big price surge. Can Bitcoin break through these barriers and keep climbing?
Key Price Levels to Watch: $90K
According to Michael van de Poppe, Bitcoin’s price has been stuck between $62,000 and $66,000. This range isn’t as strong as many traders hoped.Â
Further into the analysis van de Poppe notes that Bitcoin has remained within a price range for over 200 days, and prolonged stagnation often precedes explosive movements. Chart analysis shows that Bitcoin has formed higher highs & lows, signaling a potential breakout.Â
If Bitcoin breaks above key resistance levels, we could see rapid price appreciation, possibly reaching $90,000 within a few weeks.Â
The Role of the Fed
Meanwhile, October has been a rough month for Bitcoin, but history shows that it usually hits its lowest point around October 7th to 11th.
This suggests we might be on the verge of a price boost. With important events approaching in Q4, traders are watching closely. The Federal Reserve is expected to cut interest rates by 25 basis points, which could bring more money into volatile assets like Bitcoin.
On top of that, the upcoming U.S. elections are shaking up the crypto market, as discussions about digital asset regulation are heating up. Predictions indicate that former President Trump could be more favorable to crypto, while Vice President Harris might adopt a more cautious approach.
Fear & Greed Index Slips
On the flipside the Fear and Greed Index has shown a slight improvement, now sitting at 48. This is considered neutral on a scale from 0 to 100. While anything below 50 suggests bearish sentiment, a score above 50 leans bullish.
But that’s not a similar scenario for altcoins as they are currently undervalued, scoring 35 on the Fear and Greed Index. This low score signals potential gains for altcoin investors.
Increasing Mining Costs
One critical aspect to consider is the cost of mining Bitcoin. Currently, mining costs range from $72,000 to $85,000. With Bitcoin trading below this threshold, miners face profitability challenges. However, if Bitcoin’s price moves above mining costs, it could stabilize the market and drive prices higher.
