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Bitcoin, the first and largest cryptocurrency by market valuation, might be currently consolidating around $95,000, but according to crypto analyst Michael van de Poppe, it has already accomplished a crucial technical task that sets the stage for its next all-time high.
Van de Poppe identified the $87,000 level as a crucial level that Bitcoin needed to overcome to regain its bullish momentum. This level near the daily SMA 50, which has capped the Bitcoin price since early February, has now been convincingly broken, with Bitcoin rising higher. Since breaking through that level, Bitcoin has also flipped back into the range above $92,000, which remains positive for its price.
"Bitcoin had one crucial level to break through: $87,000. It did, and it continued to rally higher. It has also flipped back into the range above $92,000. That means any dip is a good opportunity towards the new ATH," van de Poppe said.
Bitcoin rose sharply on May 1 from a low of $94,115 to $97,483, its highest since late February. The rise extended to highs of $97,948 on May 2, where Bitcoin met resistance, and the price subsequently fell.
At the time of writing, BTC was down 0.54% in the last 24 hours to $95,684 following Saturday's drop.
What's next for BTC price? Key levels to watch
According to Glassnode, a significant concentration of coins is held at a loss within the $95,000 to $98,000 range. As the market approaches this zone, some investors may exit at or near their break-even price, creating additional sell-side resistance. This would compound the predicted increase in long-term holder (LTH) distribution, creating an important resistance range to watch.
The range above $100,000 has a relatively small volume of coins with a cost basis in this area. If the market can successfully navigate the sell-side pressure within the $95,000 to $98,000 range, it may enter a low resistance zone, clearing the way for a return to price discovery and a new all-time high.
Similarly, veteran trader Peter Brandt stated in a recent post on X that Bitcoin might rise to the $125,000 to $150,000 region by August or September 2025 if it can reclaim its broken parabolic slope. However, Brandt cautioned that the rally might be followed by a 50% drop.
Vladislav Sopov