Bitcoin smashes major resistance zone – here’s what’s next

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Bitcoin has made a quick recovery from the correction that took its price down to $108,000, breaking through a key resistance zone.

Crypto analyst Michaël van de Poppe on 30 September said the number one crypto asset still has much room for upward movement and could be getting ready for a new all-time high.

New all-time high in October

Poppe says Bitcoin could be getting ready to hit a new all-time high in October, even though there may be a slight pullback before the upside continues.

His prediction is in line with many other predictions that Bitcoin could be gearing to reach a new all-time high. Although reaching this new level has been delayed severally, analysts seem convinced that it is still in play.

One of the reasons for this is the growing institutional interest in Bitcoin in particular and crypto assets in general. 

For example, Strategy under the leadership of Michael Saylor has been scooping Bitcoin at the slightest chance. The firm’s latest buy was $22 million worth of the asset being made available to mainstream investors.

There is also increasing interest in Bitcoin ETFs. Reports reveal that Bitcoin and Ethereum spot ETF inflows for Monday 29 September surpassed $1 billion, with Bitcoin alone accounting for $522 million.

Such interest can potentially push the asset to a new all-time high, which is why analysts are still hopeful. 

Buy the dip

With the surging interest in Bitcoin, Poppe offers one piece of advice – buy the dip. This is the strategy used by big whales like Saylor’s Strategy and other private whales.

Every dip or pullback serves as an opportunity to buy more of the asset to prepare for the rally ahead, and only those who have already bought and held will enjoy the rewards as many influencers say.