Bitcoin Breakout Around The Corner – Current Price Action Is Similar To Post-Covid Crash

The optimistic prediciton about the price of Bitcoin continues. Check out the latest news about new Bitcoin predictions.

According to the latest reports, the crypto analyst Michaël van de Poppe says Bitcoin (BTC) is behaving similar to mid-2020 right before it kicked off a massive bull run that ultimately took it to new all-time highs.

The analyst said that uneventful price action, such as what BTC traders are currently witnessing, is one of the hallmarks of pre-breakout conditions.

“Bitcoin reminds me a lot of the previous accumulation periods. Currently acting inside this range for 4 months already, resulting into boring, choppy price action. Relatively ATL’s on on-chain data suggesting that it’s accumulation. The breakout is probably going to be large.”

Van de Poppe also keeps an eye on the dollar index (DXY), which pins the USD against a basket of other major fiat currencies.

With DXY on a parabolic run over the last several months. He explained that it could be time for a reversal, which might be the fuel that Bitcoin, crypto, and stock markets need.

“When it comes to a potential Bitcoin reversal or break-out of this structure, we need a ‘weak’ Dollar to act. In that case, the DXY is approaching key levels with those previous highs. I think it’s sweeping the highs there for liquidity and reverse -> equities & Bitcoin up.”

Regarding the price of Bitcoin today, at the moment of writing this article, BTC is trading in the red and the king coin is priced at $39,947.

Macro Guru Raoul Pal is making an important prediciton about the state of the crypto market 5 years from now. Check out the latest reports below.

All in all, he sees that the crypto market will be maturing five years from now.

Pal expects the world of blockchain technology to both mature and tackle new horizons regardless of whether there’s an extended bear market.