According to renowned crypto analyst Michael van de Poppe, Bitcoin‘s growth will likely continue, but the market needs a breather for now. He doesn’t rule out a correction before BTC reaches $150,000.
I do not think that Bitcoin «will break the all-time high in one fell swoop,» van de Poppe wrote. «Any price below $121,5 is a good entry point before we reach $150.»
Van de Poppe’s chart shows a classic breakout from consolidation followed by a sharp rise to $123,936.
A sharp rise from below $112,000 to current levels could lead to short-term overheating. The relative strength index is hovering near the overbought zone, also indicating potential exhaustion.
According to the expert, the ideal buying range is around $119,500–$120,000. If selling continues, deeper support levels are found around $116,800, $114,755, and $111,918, and these are also considered springboards for the next stage of the rally.
Meanwhile, Bitcoin purchases, according to CryptoQuant, have exceeded $25 billion. Statistically, this figure signals turning points that often precede a trend reversal.
When market buying volume reaches $25 billion, the market typically becomes overheated. In a downtrend, this indicator indicates a buying opportunity; in an uptrend, it can serve as a warning of a possible price decline.
CryptoQuant Data