Golden Bitcoin
Market update: Bitcoin set to hit new all-time high if it breaks this key level
Bitcoin has slowed down a bit, just like altcoins after recently reaching $116,000 which is the highest in a while, but more could be coming.
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A crypto analyst Michaël van de Poppe in a tweet on 15 September said the top crypto asset may be set to hit a new all-time high if it can break certain price levels which currently stand as resistance.
Final resistance before flood
Bitcoin reached a new all-time high of over $121,000 earlier this year following an unprecedented rally, carrying some altcoins along with it.
Since then, the rally has cooled off and the top asset has been hovering around $110,000 until recently when it experienced a slight rise as altcoins rallied.
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After rising to $116,000, it has pulled back to be trading at $114,000 currently. According to Poppe, the asset needs to do better if it will hit a new all-time high.
He specifically said although Bitcoin is facing the final resistance before a new all-time high, it needs to break through the $117.5K-118K for that to happen.
To accomplish this, Bitcoin will need a lot of volatility powered by a lot of positive sentiment, which doesn’t seem to be available currently.
The Fear and Greed Index which indicates the amount of greed in the market is currently at 51% showing neutral sentiment, and Bitcoin’s dominance in the market has been quite low, giving way to altcoins.
This makes it unlikely that the strength required to break the required levels may be absent, but this week is a critical one in the short-term outcome of the crypto market according to Poppe.
Meanwhile, altcoins have also slowed down, and many retracing due to what seems to be a failed rally attempt despite bullish predictions of an imminent altcoin season.
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