Michael van de Poppe identified a key resistance level for Bitcoin.
MN Consultancy founder Michaël van de Poppe reported that $117,500 is currently the key resistance level for Bitcoin. Breaking this mark will pave the way for new price records, the crypto expert believes.
According to the expert, at a price of $118,000, the first cryptocurrency will open up significant liquidity for long positions:
“The most important question is: can Bitcoin break through this crucial resistance zone? The next bullish battle will unfold at $118,000. The only thing I'm sure of is that once Bitcoin stabilizes, we'll see major breakouts in altcoins.”
The founder of the consulting company noted that large companies and spot Bitcoin ETFs continue to accumulate cryptocurrency, creating a favorable backdrop for BTC price growth. This suggests that, despite short-term fluctuations, the fundamentals remain strong, and investors continue to actively increase their positions, explained Michael van de Poppe.
Earlier, Thomas Lee, head of research at Fundstrat Global Advisors and chairman of BitMine, said that global central bank easing and seasonal factors would act as catalysts for Bitcoin and Ethereum growth in October and December.
Source: cryptonews.net
