After several difficult weeks, the cryptocurrency market has flashed green again, as most of its assets are recording 24-hour gains, including Bitcoin (BTC), which could continue upward if it manages to break a key resistance mark.
Specifically, in order to demonstrate some serious strength, Bitcoin needs to reclaim the resistance level at around $16,600, as the prominent crypto trading expert Michaël van de Poppe explained in a tweet on November 23.
If this happens, Van De Poppe believes that Bitcoin will form “a fast candle towards $17.5-18K,” with the next significant resistance level seemingly around $18,170.
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While making a similar prediction on November 22, the analyst had noted that the flagship digital asset had taken the low “but not that heavy” and that another sweep would grant “a bullish divergence for potential entries.”
At the same time, crypto technical analyst Matthew Hyland, who has been following Bitcoin’s 3-day supertrend indicator since January, argued that the asset would have to reach approximately $20,200 to get out of its second-longest bear market.
Meanwhile, it is also worth noting that the approaching holiday of Thanksgiving has historically acted as a catalyst for Bitcoin’s final bullish run episode, as in 2021, it had soared 214% compared to the 2020 Thanksgiving, which, in turn, recorded a 162% rise from 2019.
Bitcoin price analysis
At press time, Bitcoin was trading very close to Van de Poppe’s resistance level, changing hands at the price of $16,563, which represents a 5.29% increase on the day, although it is still down 1.17% compared to the week before and 14.29% across the month.
With a $318.26 billion market capitalization, the maiden decentralized finance (DeFi) token retains its position as the largest digital asset by this indicator, as per CoinMarketCap data retrieved by Finbold on November 23.
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