- Bitcoin may cool before soaring toward analyst’s $150,000 price target.
- Michael van de Poppe sees short-term correction amid overheated market signal.
- CryptoQuant data reveals declining network activity despite Bitcoin’s record highs.
Bitcoin’s recent surge has fueled excitement across the crypto market, but not everyone expects the momentum to continue without a pause. According to Michael van de Poppe, Bitcoin may need to cool off before heading toward its next major milestone.
He noted that Bitcoin’s sharp rally has created temporary overbought conditions. According to van de Poppe, “Anything beneath $121,500 is a good area to enter before we head to $150K.” His analysis suggests that while the long-term outlook remains bullish, short-term corrections could offer strong buying opportunities for patient investors.
Bitcoin recently climbed to around $123,936 after breaking out of a consolidation range. This move marked a steep rise from below $112,000, signaling strong upward momentum. However, van de Poppe’s chart on KuCoin’s six-hour timeframe revealed signs of exhaustion, as the Relative Strength Index approached overbought territory.
Analysts Eye Key Support Levels Amid Cooling Momentum
Van de Poppe identified $119,500 to $120,000 as a potential dip-buy zone, which could act as new support after previously serving as resistance. If selling pressure deepens, Bitcoin could find additional support near $116,800, $114,755, and $111,918. These areas may serve as launch points for the next leg higher once the market stabilizes.
Meanwhile, on-chain analytics platform CryptoQuant reported that Bitcoin’s Market Buy Volume recently surpassed $25 billion. Historically, such surges have marked critical inflection points where trends often slow down or reverse. In uptrending markets, these conditions typically precede short-term pullbacks rather than immediate continuations.
Additionally, data from CryptoQuant indicated a divergence between Bitcoin’s price and network activity. Despite record valuations, the 14-day moving average of active addresses has fallen to its lowest level since April 2020. This decline hints at potential weakening in on-chain participation, often seen when markets become overheated.
While Bitcoin’s long-term trajectory remains promising, the current technical and on-chain signals suggest that a brief consolidation could strengthen its foundation for a sustained rally. According to van de Poppe, the next upward wave could eventually propel Bitcoin closer to the highly anticipated $150,000 mark once short-term pressures ease.
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