Bitcoin Poised to Break Through Resistance as Analyst Sees Bullish Market Structure

Crypto analyst Michaël van de Poppe has shared his insights on Bitcoin's price action, suggesting that the top crypto asset by market cap is showing increasing signs of a bullish market structure. In a recent post on X, Van de Poppe emphasized that there's no reason to expect a sudden collapse in Bitcoin's price.

According to Van de Poppe, the current market conditions are similar to those seen during the COVID-19 crash and the 2018 bear market. However, instead of expecting new lows, he believes that Bitcoin will attempt to break through the major resistance level at $88,000. This would represent a more than 9% increase from its current value.

The analyst also pointed out that the price of Bitcoin is currently acting above its 21-Day Moving Average (MA), which is a bullish signal. Additionally, Van de Poppe noted that many altcoins have barely moved against Bitcoin, setting them up for potential breakouts in the coming months.