Bitcoin is currently trading around $91k at press time. The largest cryptocurrency by market capitalization is in a dogged recovery phase after bears brought it close to $80k earlier this month. A retest of the $88k support level might be on the cards before the premier digital currency can dash the crucial $100k support-turned resistance figure, one analyst argues.
Michael Van de Poppe, the crypto analyst in question, has over 815k followers on X (formerly Twitter). He tweeted:
There we go.
“A crucial level for $BTC is coming up.
If this levels breaks, Bitcoin is back up to $100K.
All in all, a pretty strong bounce upwards. I want to see some consolidation here before we break through this resistance level.
Wouldn’t mind a retest at $88K, however, if this level breaks, the chances of the low be in are significantly increasing.
The cycle is far from over.”
Followed by this graph:
Image Source: XAccording to Van de Poppe, the resistance around the $92k level is important right now as the bulls need to power through it to make a significant charge to the $100k resistance. However, that may require a retest of the $88k level, as evidenced by the support level just below the current price.
A consolidation around the $90k level is a likely course of action for the bulls right now, as they need to build strong momentum to turn the tables effectively.
Is the Bull Market Over?
Based on Bitcoin’s current recovery arc, Van de Poppe was quick to declare that the current bull cycle is far from over. However, that is easier said than done, as even at $90k, the digital asset is roughly 29% off its ATH set a few weeks ago.
One Twitter follower summed it best:
“I agree, and if we do a retest at $88k, it would offer a trade with a good risk-to-reward ratio up to $100k.
However, for the cycle to “not be over,” there’s still a lot left to play out.
Even if we surpass $100k, there’s a lot of resistance from that point onward.
I think we’ll see lower prices.”
Essentially, it is too early to say outright that the cycle is over and that Bitcoin can easily turn the tables on the recent bear onslaught. Even $100k is only a stepping stone toward a revival of the market’s fortunes, but the recent price recovery has instilled some belief in the otherwise faltering bullish cause.
Source: https://zycrypto.com/bitcoin-might-retest-88000-level-before-rocketing-to-100000-analyst/
