Bitcoin at the crossroads: Will the bull run continue or turn to bear?

Bitcoin has been trading in a tight range with occasional drops to lower prices, but it remains in shape and could begin a new push upwards.

Crypto analyst Michaël van de Poppe on 24 October said the top crypto asset is facing a key resistance zone which if it breaks can lead to a new all-time high in November.

$112k holds the key

Bitcoin has hovered around $110k to $111k for some time but it seems difficult to break through the $112k price, which Poppe says holds the key to Bitcoin’s next upward movement.

This is because this level is the same as the 20-day moving average (MA) which has formed a horizontal resistance that Bitcoin could not break through.

Bitcoin in October reached a new all-time high of over $126,000. If it hits a new all-time high in November, it means the coin is going higher in line with Poppe’s and other analysts’ earlier predictions.

He had earlier predicted that Bitcoin could hit $150,000 if the $123,000 price held. Another analyst had pointed to $139,000 as the next all-time high if Bitcoin succeeded in holding above $117,000. 

Unfortunately, both predictions were invalidated by the flash crash that brought the price down to $113,000 and lower, an incident the coin hasn’t fully recovered from.

Poppe however believes a successful break above $112,000 could bring everything back into play as Bitcoin heads towards a new all-time high.

A strong resistance 

The resistance at $112,000 has proven stronger than most that Bitcoin has faced. 

The coin has been trading almost consistently below this price for the past ten days, momentarily breaking above but falling back again.

The good thing is, such a strong resistance eventually births a strong bounce as well, which is why Poppe believes it could open the way to a new all-time high.