Bitcoin’s ‘no direction’ action may lead to heavier breakout: Analyst
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The longer Bitcoin's price stays flat, the bigger the move up could eventually be, according to a crypto analyst.
Bitcoin’s prolonged consolidation below $70,000 may be paving the way for a more significant rally, according to a crypto analyst.
“The longer it lasts, the heavier the breakout will be,” MN Trading Capital founder Michael van de Poppe said in an X post on Friday.
“Bitcoin remains stagnant in this area, which means that there's literally no direction,” van de Poppe said, adding that he is eyeing Bitcoin (BTC) breaking through $71,000, a level the asset hasn’t reached since March 26.
Since reaching a yearly low of $60,000 on Feb. 6, Bitcoin has been trading in a narrow range between $60,000 and $74,000. Bitcoin is trading at $66,890 at the time of publication, down 8.25% over the past 30 days, according to CoinMarketCap.
Crypto analyst Ted said that $60,000 “wasn’t the bottom” in an X post on Friday. “This doesn't mean another 50% crash will happen,” he said, adding that “there'll be one final capitulation before the bottom.”
Van de Poppe’s optimistic call comes amid sentiment toward the broader crypto market being down. The Crypto Fear & Greed Index, which measures overall sentiment in the crypto market, stayed within “Extreme Fear” territory on Saturday, recording a score of 11.
While van de Poppe is watching for a potential reversal as Bitcoin continues to consolidate, other analysts are more skeptical.
Bitcoin analyst Willy Woo said in an X post on Mar. 30 that there is a “very good chance we get a deeper bear due to a breakdown of the secular bull market in global macro.”
Related: Bitcoin 'done' with 85% crashes, says Cathie Wood amid new $34K target
Meanwhile, veteran trader Peter Brandt recently told Cointelegraph that he doesn’t anticipate Bitcoin reaching a new price high in 2026.
“Not until maybe the second quarter of 2027,” he added.
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Source: CoinTelegraph
