Cryptocurrency analysts name the main conditions for bitcoin growth

Crypto analyst Michael Van de Poppe emphasized the importance of key levels for bitcoin. Holding the position above $ 27,200 will significantly support further upward momentum, the expert believes.

«Keeping the HTS above $ 27,200 would be essential for continued growth, but it is advisable to retest the $ 26,700-$ 26,900 level before we continue the rally to $ 30,000. The sentiment has changed quite quickly,» Poppe emphasized.

Crypto trader Nicholas Merten spoke about an important milestone for BTC $60,753.14 Bitcoin -1.46% Market capitalization $1.2 trillion VOL. 24 hours $1.44 billion that confirms the bull market. Merten emphasized that bitcoin could experience a significant drop if it fails to break out of its current trading range, which has been in place for about six months.

According to Merten, BTC needs to overcome the $ 28,000 to $ 32,000 channel, which acted as a support level during the last bull market and now may serve as resistance. «If we go up to $ 31,000 again, as we did in April, June, and July, and we don’t have the strength to go up and make new relative highs and go through this resistance at $ 32,500, then we will pull back down.»

About a month ago, Benjamin Cowen pointed out that there is a possibility of a rally leading to the passage of the «death cross» of BTC. «It's too early to draw conclusions, but this scenario is playing out, so it’s worth considering ,» the analyst said at the time. In the context of cryptocurrencies, a «death cross» is a bearish signal that occurs when a short-term moving average falls below a long-term one. This pattern indicates a potential downward movement in the price of a cryptocurrency and may prompt traders to consider selling their assets.

It is worth noting that Arthur Hayes believes that if the US Federal Reserve starts printing money again, the BTC will experience a rapid rise. One of the signals that the Fed will need to change course and support the US economy, the expert believes, is the alarming situation in the bond market. According to him, long-term bond interest rates are growing faster than short-term ones. This yield curve pattern is often a bearish signal for stocks and risky assets.