Bitcoin’s next move is on the horizon, according to popular crypto strategist and trader Michaël van de Poppe. In a message to his large following on X, he suggests that Bitcoin is at a critical juncture where it could either surge to a new all-time high or experience a significant sell-off event.

Van de Poppe emphasizes the importance of Bitcoin holding its immediate support level at $60,500 if it wants to have a chance at a substantial upward move. However, if this support level is breached, he predicts that Bitcoin could drop to the $50,000 range.

The current price of Bitcoin stands at $61,514, showing a decline of nearly 2% in the past 24 hours.

In addition to Bitcoin, Van de Poppe is closely monitoring the TOTAL2 chart, which provides insights into the altcoin markets by excluding Bitcoin and stablecoins. He believes that TOTAL2 may be a few weeks away from initiating a new uptrend.

Based on his analysis, the trader suggests that TOTAL2 is currently forming a bottom after successfully holding support at $900 billion. As of now, TOTAL2 is trading at $970 billion.

Van de Poppe acknowledges that sentiment towards altcoins is currently bearish, but he points out that charts indicate the potential for a trend reversal. Many altcoins are exhibiting double bottoms, which significantly increase the likelihood of a rally. However, he notes that people’s sentiment is at a cycle low as they anticipate further downward momentum. Nevertheless, he emphasizes that market conditions can change rapidly.

As always, investors are advised to conduct thorough research and exercise caution before making any high-risk investments in Bitcoin, cryptocurrencies, or digital assets. The Daily Hodl, where this article was sourced, does not provide investment advice and is not an investment advisor.