According to a well-known analyst, Bitcoin is showing signs of a bull breakout.
Cryptocurrency trader and analyst Michaël van de Poppe shared his views on Bitcoin's price action and potential scenarios on Twitter.
Van de Poppe said that Bitcoin seems likely to break upwards, but some important levels need to be overcome. He pointed out that Bitcoin is holding above the 200-week exponential moving average (EMA), which is an important indicator of the long-term trend.
He also noted that September was not a “rectember”, a term cryptocurrency investors use to describe a month of heavy losses.
However, he also warned that Bitcoin should not retest the lows as this could trigger a large number of stop-loss orders, causing further downward pressure. Van de Poppe explained that Bitcoin should maintain the $25,600-$25,900 range.
On the other hand, according to the analyst, a clear break of the $ 26,800 level may mean that the rise will continue.
*This is not investment advice.