With bitcoin currently trading above a crucial level, renowned crypto-currency expert Michael van de Poppe has reaffirmed his prediction of an imminent massive rise in the crypto-currency.
Bitcoin at $40,000? Here’s how
As of this writing, bitcoin is trading at $22,726, below the $23,200 resistance level identified by van de Poppe. Although he anticipates a potential pullback to $21,700, he acknowledges that the increase in bitcoin trading activity signals growing momentum in favor of the bulls. This suggests that the leading crypto-currency could see a dramatic rise to $40,000 by June 2023.
#Bitcoin correcting, but how deep can we go? When should you actually start buying #altcoins?
A fresh update is here:https://t.co/QZXAA3Xw2z pic.twitter.com/CVnOahjBHF
Michaël van de Poppe (@CryptoMichNL) February 8, 2023
Michael van de Poppe, the expert, predicts that breaching the $23,200 level would push bitcoin to jump to the next immediate resistance level of $25,000. While he recognizes the potential for a drop to extract liquidity, he believes it could provide a favorable buying opportunity.
Currently, bitcoin has a trading volume of $40.7 billion and has seen a 2% drop in value over the past 24 hours.
With a market capitalization of $438.2 billion, it retains its position as the number one crypto currency.
If the price of bitcoin falls below its current level, it could see a further decline to the estimated target of $22,100, supported by an ascending trend line. Technical analysis reveals increasing selling pressure, as indicated by the RSI and MACD indicators, potentially leading to a new low of $22,050 in the near future.
The 50-day exponential moving average suggests that bitcoin may encounter resistance near $23,250, despite the overall uptrend. S’it exceeds this level, it could reach $23,500, indicating a potential increase in value. It remains to be seen what direction bitcoin will take.