Bitcoin Is Expecting A Bounce, Crypto Analyst Says | CryptoGazette
https://ift.tt/3o2IRI1
The crypto market is making efforts to recover its losses following multiple corrections. Now, more and more optimistic crypto price predictions are popping up.
It’s been just revealed that the important crypto strategist Michaël van de Poppe says that Bitcoin (BTC) is due for a heavier bounce. He said that even though we have a bearish sentiment surrounding the digital asset markets.
He just said that he believes the Bitcoin bottom is not yet in despite BTC’s bounce from the 90-day low of $32,990.
Optimistic BTC predictions
“The higher timeframes are still unchanged. We’ve had a beautiful bounce and no conclusion of an actual bottom taking place here yet or that we’ve switched the trend. That’s more important…” he said.
He continued and said:
“We might be getting into a phase right now that we’re actually finding a temporary bottom. However, this will most likely require a period of consolidation and will take time before we can actually start reversing.”
Although Van de Poppe says that Bitcoin has yet to carve a definitive bottom, he highlights that BTC bulls can still ignite a relief rally.
“In this case, the level to watch is the level at $35,800. We’ve been bouncing from it. But if we’re not able to crack through $36,500 at this stage, it seems very likely that we’re going to have that test [at $34,000]… If, however, we get back above $36,500 and are holding this $35,800 level, that is going to result in further upwards momentum.”
At the time of writing, Bitcoin is trading at $36,880, above Van de Poppe’s key level to watch.
As for the crypto strategist’s target for the bounce, Van de Poppe said that Bitcoin can rally to its range resistance at $40,700.
“Great move of Bitcoin. Ready for a test at $38,000 and possibly $40,700 after the reclaim of the range.”
At the moment of writing this article, BTC is trading in the red and the king coin is priced at $36,583.
Cryptocurrency
