Senior analyst predicts the timeline for Bitcoin to challenge its highest price again

Michaël van de Poppe, a seasoned cryptocurrency analyst, recently predicted a timeline for when Bitcoin will eventually retest its all-time high price.
He revealed this in his latest analysis, which utilized Bitcoin’s 4-hour chart. The market veteran believes that the cryptocurrency’s eldest son has formed an ascending price setup that, in the coming weeks, will see it break through price thresholds that could propel it toward all-time peaks.
Key Bitcoin Levels
The chart shows a bullish structure, with Bitcoin trading around $68,400 at the time of analysis. The asset has now increased to $68,880. The recent liquidity absorbed near the $67,000 level suggests that Bitcoin could be gathering momentum for a higher rally.
Bitcoin 4-hour chart | Michael van de Poppe
There are liquidity areas and support levels in the $64,000 to $65,000 range that show buyers are aggressively defending these areas, which could provide a strong basis for an upward move. In particular, Bitcoin appears to have “absorbed liquidity” in these regions.
Bitcoin nears its all-time high
As Bitcoin approaches its all-time highs, the charts show some minor retracements, but these are healthy corrections that will pave the way for a continued uptrend. The chart highlights major resistance areas around the $71,600 and $73,600 levels, which are all-time highs.
A move toward these barriers would result in a breakout of all-time highs. Van der Popp expects Bitcoin to retest this area within the next two weeks. Meanwhile, the area representing the absorption of liquidity may initially trigger a slight correction before Bitcoin gathers strength to overcome it.
Further data shows that van der Popp expects Bitcoin to retrace around the $66,000 level, which is another area of liquidity. Analysts expect this area to act as a demand zone, supporting the price of Bitcoin if it faces temporary downward pressure.
The impact of macroeconomic events
Van der Poppe also considered the impact of macroeconomic events, which he believes could drive Bitcoin’s momentum. Several upcoming events could impact the cryptocurrency market.
For example, rising bond yields have historically impacted Bitcoin prices as investors seek alternative stores of value. If yields peak, as van der Popp expects, it could further fuel demand for Bitcoin.
Additionally, the upcoming U.S. presidential election is creating uncertainty in traditional markets, which has led some investors to turn to cryptocurrencies as a safe haven. Additionally, the Federal Reserve’s dovish stance on interest rates could also bolster Bitcoin’s appeal.
Notably, legendary trader Peter Brandt once suggested that despite the recent uptick, Bitcoin is still in an inverse expanding triangle, a bearish structure.
According to analysts, Bitcoin needs to break through the $72,000 level before looking ahead to new heights.
Disclaimer: This content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article may include those of the author and do not necessarily reflect the views of The Crypto Basic. Readers are advised to conduct in-depth research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.