Crypto News- In a recent analysis shared by crypto expert Michaël van de Poppe on X, he hinted at the possibility of Bitcoin (BTC) reaching new highs. According to the chart he presented, van de Poppe suggested that BTC might surpass $38,126 in the near future. Despite already boasting a Year-To-Date (YTD) performance with a remarkable 125.57% increase, BTC exhibited another 5.21% surge within the last 24 hours. However, the analyst cautioned that this uptick might be accompanied by a potential pullback towards the $36,000 level.
BTC Poised for a Rally, Ready to Surpass Its Annual Peak?
As of the current writing, BTC is valued at $37,501, and this increase in its value could be attributed to strategic opportunities identified by buyers on the BTC/USD chart.
The Relative Strength Index (RSI) further provides insights, indicating a drop to 26.22 on November 14. Traditionally, an RSI reading below 30 suggests oversold conditions, presenting a potential buying opportunity. Consequently, buyers attempted to propel Bitcoin’s price to $35,300. On November 16, BTC aimed for $38,000 but faced rejection, retreating to $37,520.
Examining the chart, it becomes evident that Bitcoin’s volatility has surged, signifying expectations of notable price fluctuations in the short term. If buying pressure intensifies, a move towards $40,000 becomes plausible, as indicated by the signals from the Bollinger Bands (BB). Conversely, significant selling pressure might drive BTC’s price southward. The BB further hinted at Bitcoin being overbought at $37,917, evidenced by the upper band touching Bitcoin at this level.