Bitcoin coiled for liftoff – $112K is the ignition switch

As the weeks-long period of largely unimpressive movements in the cryptocurrency market continues, Bitcoin (BTC) seems to be preparing for a possible major lift-off, provided it manages to confidently break above the $112,000 price target.

Indeed, traders are eyeing the crucial $112,000 level, which analysts say could decide whether the market enters its next major bullish leg, including popular crypto analyst Michaël van de Poppe, who called $112,000 a “massive trigger for the entire market,” in an X post on September 7.

Specifically, he meant that a clean breakout above this resistance would confirm renewed strength and potentially ignite a fresh wave of altcoin rallies. As van de Poppe further added: “It would be the start of the next leg up for the entire market.”

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Cautious optimism is still on

More recently, the renowned crypto market expert reiterated his cautiously optimistic sentiment, stating it was “time to break upwards for Bitcoin,” according to another analysis he shared on his social media on September 8.

As it happens, Bitcoin’s recent price action supports this view. After dipping towards $110,000, the flagship decentralized finance (DeFi) asset has staged a recovery, hovering near the $111,000 – $112,000 zone. This area has acted as both resistance and support in recent weeks, with sellers consistently defending it.

For now, its price stands at $111,897.97, indicating an increase of 0.61% in the last 24 hours, as well as a 3.02% advance across the previous seven days, as it moves to reduce the decline of 4.58% accumulated on its monthly chart, according to the latest information.

A decisive push above would break the short-term downtrend and flip sentiment in favor of bulls. Charts shared by van de Poppe highlight the levels traders are watching. In a bullish scenario, a breakout above $112,000 would pave the way toward $116,000 and potentially $119,000, with momentum likely spilling over into altcoins.

On the other hand, a bearish scenario would begin with Bitcoin’s failure to hold, resulting in a decline back into the $102,000 – $104,000 region, which the professional crypto trader described as a “massive long opportunity” for those looking to buy the dip.