Cryptocurrency analyst and trader Michaël van de Poppe says Bitcoin (BTC) is showing signs of turning bullish.
Van de Poppe tells his 792,200 followers on the social media platform X that Bitcoin could soar above the $112,000 price and hit a new all-time high if BTC manages to break above the resistance level at around $108,900.
“Bitcoin trending back upwards, which is a great sign.”
Based on the widely followed analyst’s Bitcoin chart on the four-hour time frame, it appears Van de Poppe sees BTC witnessing a dip to the zone around $100,000 if the crypto king loses $105,500 as support.
Bitcoin is trading at $105,617 at time of writing.
Next up is the scaling solution Optimism (OP). According to the widely followed analyst and trader, Optimism has formed a bullish divergence against Bitcoin on the three-day time frame.
A bullish divergence forms when price makes lower lows or trends sideways while an indicator such as the Relative Strength Index (RSI) is forming higher lows. Van de Poppe says that the bullish divergence OP is forming could indicate the altcoin is “likely to turn around really soon” against Bitcoin.
OP is trading at 0.00005373 BTC ($0.561) at time of writing.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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