Despite Bitcoin (BTC) now consolidating the gains it had accumulated in previous weeks following the streak of spot Bitcoin exchange-traded fund (ETF) applications, some cryptocurrency market analysts have observed a chance of a breakout after the current sweep.
Specifically, crypto trading expert Michaël van de Poppe has noted that the “sweep of the lows [is] indeed taking place,” during which Bitcoin could sweep $29,500 and drop further towards low $29,000, as he explained using a chart pattern analysis tweeted on July 17.
Having said that, as the renowned cryptocurrency guru further clarified, such price action could precede a bullish rally, with the flagship decentralized finance (DeFi) asset breaking out to $32,500, followed by an increase to $34,000, and finally to $38,000.
Bitcoin price action analysis. Source: Michaël van de Poppe
At the same time, the above analysis goes hand in hand with that of a pseudonymous crypto expert known as Trader Tardigrade, who more recently
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