Bitcoin News
By Jean-Luc Maracon
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Van de Poppe Sees a Different Picture. Not everyone is bracing for disaster. Michaël van de Poppe, who's been watching crypto markets for…
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The Rising Wedge Pattern Driving the Fear. The technical backdrop here matters. The support trendline is part of a rising wedge formation —…
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Bitcoin is sitting on a knife's edge. The $70,000 level has become the number every trader is watching, and the debate over what happens if it breaks is getting loud.
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The support trendline in question has been around since 2017. That's not a small thing. It's held through some genuinely ugly moments — most notably the FTX collapse in November…
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Market commentator MichaelXBT put it bluntly.
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Per MichaelXBT, a clean break below $70,000 could trigger what he called a historic market movement — potentially the largest red weekly candle seen in years.
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That's a meaningful gap in the analysis, and it's worth sitting with. When a technically-focused commentator flags a potentially record-breaking weekly candle but won't name a…
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Not everyone is bracing for disaster. Michaël van de Poppe, who's been watching crypto markets for years, reads the current setup differently.
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Van de Poppe points to Bitcoin's rejection at $77,000 as part of a familiar pattern. Prices run up, hit resistance, pull back. It's happened before.
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But he's not dismissing the risk entirely either. If Bitcoin can't hold support, van de Poppe says prices could slide into the lower $60,000 range.
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More context: Bitcoin Falls to $73K as ETF Outflows and Whale Selling Hit Hard
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So you've got two analysts looking at the same chart and reaching pretty different conclusions. MichaelXBT sees a potential historic sell-off.
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The technical backdrop here matters. The support trendline is part of a rising wedge formation — two upward-sloping trendlines that converge over time, with the lower line…
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Bitcoin has been tracing this wedge for close to a decade. That's a long time for a pattern to build, and a long time for traders to anchor their expectations to it.
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That's the scenario MichaelXBT seems to be flagging — not just a technical break, but a cascading one.
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