Bitcoin’s (BTC) price has held precariously onto the support level of around $26k since August 18. Most crypto traders are looking at the zone between $24k and 25k as the next major support, which Bitcoin bulls can recuperate. Undeniably, Bitcoin’s volatility is on the horizon, following the recent capitulation that significantly rejuvenated the cryptocurrency bears.
Moreover, high-impact news is scheduled later this week including the United States Gross Domestic Product (GDP) second release, scheduled on Tuesday, the US unemployment claims on Thursday, and the unemployment rate on Friday.
Poppe’s Take on Bitcoin Price Action and Market Outlook
According to a post by a popular crypto analyst and influencer, Michaël van de Poppe, Bitcoin price is likely to continue dropping in the coming weeks based on historical data analysis. Notably, Bitcoin price has historically performed poorly in August and September, apart from the bull market years. However, Bitcoin price has performed well historically in October through December.
“In that regard, it’s currently the period to DCA and accumulate your positions and I’d be taking a weekly/monthly DCA approach on this, through which you can get a balanced position into the markets,” the analyst noted.
From the short-term perspective, Poppe expects Bitcoin price to find temporary support at around $25.7k. If the mid-range support level fails to hold in the near term, the analyst expects the crucial support zone between $24.8k and $25.1k to hold.
Meanwhile, Poppe highlighted that the weekly 200 EMA, which is currently acting as a strong support level, should determine the next Bitcoin price action.
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