Bitcoin currently sits at $95,000 after breaking the crucial $87,000 level. Analyst Michael van de Poppe notes this could set up for a new all-time high. Resistance is expected at $95,000 to $98,000, potentially leading to sell-offs. Trader Peter Brandt predicts Bitcoin may reach $150,000 by 2025 but warns of subsequent drops.
Bitcoin is currently hovering around $95,000, but crypto analyst Michael van de Poppe believes it has performed an essential technical task that could pave the way for a new all-time high. Van de Poppe pointed out that breaking the $87,000 threshold was vital for Bitcoin to regain its bullish momentum. This level, linked to the daily SMA 50, had been a barrier since February. Now that this level has been surpassed, Bitcoin has shifted back into a higher range above $92,000, which is a positive indicator.
On May 1, Bitcoin jumped notably, rising from a low of $94,115 to $97,483, the highest level seen since late February. The excitement continued into May 2, hitting highs of $97,948. However, the price experienced some resistance at that level, prompting a decline shortly thereafter. As of now, BTC is down 0.54% within the last 24 hours, priced at $95,684 after a drop on Saturday.
Looking ahead, there are some critical price levels to keep an eye on. Glassnode data indicates a significant portion of Bitcoin is currently held at a loss in the $95,000 to $98,000 range. As the price approaches this area, some investors might choose to sell to break even, increasing sell-side resistance, which could hinder momentum. This scenario could also lead to a higher rate of long-term holder distribution.
Interestingly, above the $100,000 mark, there is a notable decrease in the volume of coins – meaning if Bitcoin can successfully take on the resistance around $95,000 to $98,000, it could enter a less congested zone. This shift could facilitate a smoother path to reaching new price discovery and potentially setting a new all-time high.
Meanwhile, veteran trader Peter Brandt has chimed in, suggesting that if Bitcoin can reclaim its previous parabolic slope, we might see the price rise into the $125,000 to $150,000 region by late 2025. Nonetheless, he warned investors that such a rally could be quickly followed by a significant 50% correction, so caution is advised.
