Van de Poppe: BTC Must Hold Key Price Level This Weekend or Lose Momentum
Michaël van de Poppe, a prominent cryptocurrency strategist and trader, discusses Bitcoin’s (BTC) key price levels as the largest cryptocurrency is getting a stronger hold above $33,000.
In a recently published video, the analyst argues that despite Bitcoin appearing to be in a slight bullish period, especially in the wake of Elon Musk’s confirmation that Tesla and SpaceX hold Bitcoin on their balance sheets, the asset desperately needs to flip some key levels into support to sustain its on-going rally.
“What you want to see is that Bitcoin generates a new higher low… At this stage, yes, we do have this fake-out beneath the recent low. We got back into the range. But in order to sustain bullish, you want to see the previous support flip for support again [$31,000].”
Van de Poppe says that at the moment, Bitcoin has been able to stay above support at $29,300 and even managed to break out of a falling wedge – a pattern that can indicates trend reversal.
The trader points out that if BTC fails to turn $31,000 into support, he’s expecting at a leg down to $26,000 and possibly to continue $24,000.
He highlights many traders are waiting for Bitcoin to sink again having reached a moment of bearish euphoria, which could set up a major bear trap and ignite a sustained BTC bounce.
“If we break [$32,800], I would not be surprised if we get a very swift and heavy run towards [$36,000] high, potentially even a wick towards [$37,500].”
At time of writing, Bitcoin trades at $34,419, recording 2.7% gains on daily range, according to CoinMarketCap.
