A crypto strategist and trader with a large following believes that Bitcoin is on the brink of a major move. Michaël van de Poppe, an analyst with over 718,100 followers on the social media platform X, suggests that Bitcoin is at a critical juncture where it will either break its all-time high or experience a significant sell-off.

According to Poppe, Bitcoin’s immediate support level at $60,500 is crucial for a potential upward surge. If this level holds, Bitcoin could make a strong push towards a new all-time high. However, if it fails to maintain this support, Poppe predicts that Bitcoin could drop to around $50,000.

Poppe emphasizes the importance of the upcoming decision for Bitcoin, stating, “The range low at $60,500-$61,000 is still holding up for Bitcoin, through which breaking $63,000 is the next barrier for a new run toward the all-time high. If $60,500 is lost, I think we’ll see $52,000-$55,000 as the next support zone.”

As of now, Bitcoin is valued at $61,514, experiencing a 2% decline in the past 24 hours.

In addition to monitoring Bitcoin, Poppe is closely observing the TOTAL2 chart, which tracks the altcoin markets by measuring the total market capitalization of cryptocurrencies excluding Bitcoin and stablecoins. Poppe suggests that TOTAL2 may be on the verge of starting a new uptrend in one to two weeks.

Based on Poppe’s analysis, TOTAL2 appears to be forming a bottom after finding support at $900 billion. Currently, TOTAL2 is trading at $970 billion.

Poppe acknowledges that sentiment towards altcoins is bearish, but the charts indicate a potential trend reversal. He notes, “Many altcoins are forming double bottoms, which significantly increases the likelihood of a rally. However, sentiment is currently at a cycle low as people anticipate further downward momentum. Nevertheless, things can change quickly.”

Investors and traders should exercise caution and conduct thorough research before making any high-risk investments in Bitcoin, cryptocurrencies, or digital assets. The Daily Hodl does not provide investment advice and encourages individuals to take responsibility for their own transfers and trades.