Van de Poppe Looks Into Bitcoin (BTC) And Identifies Key Levels

A top crypto market analyst and trader, Michaël van de Poppe, is looking into next scenarios for Bitcoin (BTC), as the leading digital asset made a bounce after falling below $32,000.

In a recent video update, Van de Poppe shared with his 164K YouTube subscribers that it is likely that Bitcoin has not reached its bottom yet, regardless of a ‘beautiful bounce’ from below $32,000.

“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… 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.”

While the analyst believes that the BTC bottom is not yet in, he points out that Bitcoin bulls are in position stage 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 [$34,000 level]… 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 time of writing, Bitcoin is trading at $35,808, right at the key level to watch, according to Van de Poppe.