Bitcoin (BTC) staged a measured bounce on Thursday, trading around $114k after reclaiming ground lost in a late-August pullback, but the market’s next directional clue could come from a very specific price band, crypto analyst Michaël van de Poppe warned. “If we look at the Bitcoin chart, then you’re generally looking at support around the $112.5k area. If that turns from resistance to support –> markets are back in an uptrend and we’ll see way more strength on Altcoins,” he tweeted.
As of Thursday, major price trackers showed BTC near $114k, up modestly on the day amid a broader crypto market lift that also saw Ethereum (ETH) and many large-cap altcoins climb. Marketwide optimism has been fueled in part by softer inflation prints that have traders pricing in a higher probability of eventual Federal Reserve rate cuts, a macro environment typically supportive of risk assets, including cryptocurrencies.
Market Signals
Van de Poppe’s focus on the $112.5k level echoes technical commentary from several market desks that point to a narrow band of support and resistance between roughly $105k–$125k, with immediate resistances around $115k–$119k and a mid-August all-time high near $124k. Analysts say the market is in a consolidation phase after a sharp run to record highs, and how BTC reacts to the $112k–$113k zone will likely determine whether the correction is over or whether deeper retracement toward the $100k area is still possible.
Institutional flows and derivatives positioning suggest a cautious market: options desks report hedging activity around the current range while on-chain metrics show continued accumulation by some whale cohorts. That combination, steady hands buying beneath price while institutions hedge higher exposures, frequently produces rangebound trading until a clear macro catalyst or liquidity sweep occurs. If $112.5k flips cleanly into support, traders expect a rotation of capital back into altcoins; if it fails, the path back toward $100k-$105k could open.
Altcoin Rally
Van de Poppe’s scenario is simple and familiar: Bitcoin’s confirmation of an uptrend frees capital and risk appetite, often sending altcoins higher, sometimes dramatically, as traders chase higher beta opportunities. That pattern has played out since crypto markets started maturing: sustained BTC strength gives altcoins room to outperform. Several analysts are already pointing to a handful of game-theory and GameFi tokens that have surfaced as short-term trade ideas during this consolidation, though the space remains bifurcated and many names are far below their late-2024 peaks.
If BTC support holds at ~$112.5k, the price stabilizes, retests breakouts above $115k, and buyers grow confident. Altcoins re-accelerate as rotation out of BTC and into riskier tokens resumes. Technical targets in this path include a re-challenge of the $124k ATH and, if momentum holds, new highs.
If support fails, a clean break below the $112k band could see stop-hunts and a slide toward the $100k–$105k support zone cited by several desks, where longer-term buyers may step back in. That outcome would likely temper short-term altcoin gains and increase market volatility. Overall, Bitcoin’s behavior around $112.5k is more than a technical curiosity; it’s shaping market psychology.
