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- Bitcoin maintains bullish structure as analysts predict possible rally toward $90,000 soon.
- Michaël van de Poppe sees selective altcoins outperforming during Bitcoin’s continued upward momentum.
- Traders remain cautious as Bitcoin volatility threatens sudden corrections across crypto markets.
Crypto traders returned to Bitcoin after analyst Michaël van de Poppe detailed a bullish continuation pattern for the market. Upward momentum is still possible for Bitcoin as the daily 21-day moving average is still below the price action, van de Poppe said. His newest chart analysis also indicated that “selective altcoins” may perform better throughout this phase of the market cycle.
Bitcoin bounced back from its earlier shedding of nearly $8,000 to hover around the $80,000 price mark. The trend turned upward and positive in April and early May. This makes traders more interested in observing if the current structure can hold up to a further movement to new higher resistance levels.
Also Read: Crypto Hacks Explode 96% in March as $52M Losses Rock DeFi Sector
Van de Poppe shared the chart on X, which shows that Bitcoin recently broke through multiple lower resistance levels to regain the $80,646 mark. The area was also a big obstacle in the market revival phase. But, the selling pressure was overcome to keep the price intact above the daily 21-MA. The chart also showed a number of important support zones in the vicinity of $73,400 and $71,400. Those are now important territories for bulls to hold for any retreats. Apart from this, Bitcoin has been making higher lows on the daily chart, a typical feature of bull markets.
Momentum indicators also lean towards the continued recovery. The RSI was just well above the upper threshold of no extreme exhaustion. Therefore, traders think that Bitcoin might still trade higher in the short term before a bigger correction period.
Bitcoin Stability Could Open More Room for Altcoins
However Bitcoin need not be the center of the explosive rally for strong performance of the other coins, says Michaël van de Poppe. Rather, a gradual and gradual Bitcoin rise could help pave the way for capital reallocation to other cryptocurrencies. In the past, altcoins have done particularly well when Bitcoin has rallied from key resistance levels. Hence, many traders are keeping an eye on large-cap coins such as Ethereum, XRP, Solana, among others, for possible continuation moves.
Van de Poppe also referred to the $90,000 price level as the next major price action zone to watch out for Bitcoin. His chart indicated that zone as being an important resistance area where market pressure may rise. Furthermore, the analyst stated that the market is still quite bullish and could extend its rally before a significant trend reversal.
Analyst Warns Traders About Sudden Market Corrections
Despite this, traders should not overlook correction risks, van de Poppe cautioned. The analyst says volatility is a part of all bull markets. Profits can be wiped out in a flash in sudden sell-offs, particularly for those with leverage. The improved participation during the Bitcoin Recovery structure was also evident in the trading volume of the chart. Buyers came in strong when prices dipped, and the price held firm above the expanding moving average. So, the overall trend continues to be bullish at this time, unless Bitcoin breaks some major support levels.
Bitcoin remains in a bullish market structure as the attention shifts to a potential march towards $90,000. The current setup could also help accelerate the outperformance of altcoins while Bitcoin is holding on to its strength above the daily 21-MA, says Michaël van de Poppe.
Also Read: Bitcoin Faces Critical Moment as Analyst Warns of Massive BTC Breakdown Risk
