Bulls might not be waiting long before BTC price action sees its next leg upward, traders suggest. With $35,500 as the focus, a breakout is possible.
As anticipation built around a breakout, Bitcoin ( ETH0_) attempted to break key resistance at $36,000 on Wednesday.
BTC breakout is the first stop: $39,000
Cointelegraph Markets Pro and TradingView data showed that BTC/USD was repeatedly tapping, but failed to reach the $35,000 mark Wednesday.
The biggest cryptocurrency recovered from lower levels overnight, soothing those worried that the $33,000 support was being violated.
The resistance area of $36,000 was a strong one, but bulls were kept in check by low volumes and a “compression” structure.
Popular trader Michael van de Poppe believed that Bitcoin needed to make a clear breakout at $35,000. This would cement bullish momentum. However, this scenario could have a much greater upside limit.
In his latest YouTube update, he stated that if $35,500 is broken, I believe we will get a run at even $39,000.”
The retest of the recent highs should be done at $37,000, with success opening the door to higher levels.
He continued, “Really, there is a higher timeframe of between $40,600 and $42,000.”
“If it cracks, I believe we’re going have a test around the $50,000 level. The momentum kicks back into the markets very quickly.”
Altcoins are set to outperform Bitcoin in price
Altcoins, meanwhile continued to show moderate upside shifts with Ether (ETH), notably holding onto its strength against BTC. Particularly, the ETH/BTC pair is at a monthly peak.
Daily gains of up 13% were seen in the top 50 cryptocurrencies according to market capitalization, while other tokens remain flat.
“What are your expectations about the markets? Van de Poppe stated that he believes we have reached bottom.
“I believe we’re going forward moving to the upside and I think in coming months Bitcoin will get to the all time high, but altcoins will outperform Bitcoin heavily.”
Rekt Capital, a fellow trader and analyst, joined the prediction of an end to the fluctuating price movements that have characterised Bitcoin in recent times.
“A volatile move is expected for BTC in the next few hours,” he forecast. He cited the Wyckoff method to hint at any possible move being up and not down.