According to trader Michaël van de Poppe, Bitcoin’s recent pullback appears to have concluded right at a critical accumulation area around $120,000. He believes the correction phase has “run its course,” paving the way for a continuation toward record levels.
Charts shared by the analyst show that the dip perfectly aligned with a technical support zone, an area he describes as a “potential buy zone.”
Bitcoin’s daily chart reflects that sentiment. After dropping from the $123,000 region earlier this week, BTC bounced near $120,000 and is now trading around $122,400. The Relative Strength Index (RSI) remains neutral at roughly 61, indicating there’s still room for momentum to build before the market enters overbought territory.
Gold Weakens as Bitcoin Regains Momentum
Another notable market observer, Crypto Rover, pointed to a contrasting setup between gold and Bitcoin. His analysis highlighted that gold’s long-term RSI has reached one of its most overbought levels in decades, while the BTC-to-gold ratio has just touched a key support level. Historically, such conditions have marked the beginning of Bitcoin outperforming gold.
“Gold is cooling off while Bitcoin prepares for its next leg higher,” Rover commented, suggesting the shift could accelerate capital rotation into digital assets if gold’s momentum fades.
Analysts Eye Breakout Beyond $130,000
On the macro level, Bitcoin’s structure remains intact within a broad ascending trend that has held since early 2024. Price consolidation near the upper resistance band is often followed by volatile expansions, a pattern seen in previous bull cycles. If the breakout occurs, analysts expect the next major psychological level to form near $130,000–$135,000.
Despite lingering uncertainties around global markets, sentiment within the crypto community appears to be strengthening once again. As gold’s rally shows signs of exhaustion, Bitcoin’s resilience near record highs could signal that investors are positioning for another explosive move before year-end.
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