The post Will Bitcoin (BTC) Price Hit $20K Or $40k ? Michael Van De Poppe Maps Bullish and Bearish Targets appeared first on Coinpedia Fintech News
Michael Van De Poppe, an analyst, has provided insights into the recent drop in Bitcoin’s price from the $30k levels. He also noted that Bitcoin and Ethereum are currently in a consolidation phase and emphasized that hype-driven events are crucial for both coins to sustain their bullish trend.
Poppe said that $47k is the next crucial level for Bitcoin if it breaks above the $30k level. The analyst said that as long as Bitcoin stays above $25.4k there is a likely case of continuation taking place on the trend (bullish).
After that, one can expect Bitcoin to rise to $41k to $47k levels. If Bitcoin is going to have a breakdown beneath $25k, it will as a result be going to bring the prices back down towards $20K again or 19k.
Bitcoin’s upward momentum is expected to continue unless it falls below 25k. In that case, it would be advisable to close positions, and there could be a possibility of revisiting the 20k lows.
However, such an event would require an outlier or a severely unfavorable macroeconomic environment, which is not expected to occur during this period.
Why did Bitcoin fall from the $30k level?
He said that long-term holders were accumulating even when the FTX collapsed and now, the same pattern is being repeated. According to the analyst, this pattern indicates that they ‘strongly believe in a bullish market.’
The analyst also spoke about Bitcoin’s descent from $30k to $27 levels and added that the reason might be due to miners going on a selling-spree.
“Miners have been selling their Bitcoins. They have been selling around 6,000 Bitcoin in the past week which additionally resulted into Bitcoin falling from above 30k towards 27k and this sell-off has caused a potential sell of around 172 million additionally on the markets so probably the start of this sell-off has caused the chain reaction and liquidations as we have seen hence why prices have been falling.”
- Mobile app
- Telegram Channel
- Telegram Group
- Binance Referral Link
- Bitmex Referral Link
- (Recommended For Leverage) ByBit Referral Link
- Buy Ledger Nano at discounted price
- Buy Cool Wallets at discounted price
Don't forget to share your review/suggestions for the android app.
All In One Crypto App is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by All In One Crypto App or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risks