Top Analyst Issues Bullish Forecast For Bitcoin In 2023

Despite the general pessimism in the markets for digital assets, well-known crypto expert Michal van de Poppe thinks Bitcoin (BTC) can increase in value by almost twofold for the upcoming year.

In a new strategy session, Van de Poppe informs his 164,000 YouTube followers that there is resistance around $18,600 and support at $12,300 for Bitcoin’s current trading range.

The crypto researcher claims that for BTC bulls to gain momentum, they must overcome the immediate obstacle.

“Everything that’s beneath $18,600 can be classified as deviation or can be classified as trend continuation. If we cannot get above $18,600, you [can argue that] you’re looking at $12,300. However, the amount of people that are currently focused on it is kind of heavy, which means that we are most likely not going to get there.”

According to Van de Poppe, BTC bulls must push Bitcoin over a certain threshold for a significant short squeeze to occur.

When traders borrow units of an asset at one price to sell them at a lesser cost and pocket the difference, they experience a short squeeze, which forces them to repurchase assets when the trade goes against their bias.

Van de Poppe claims,

“If we can break $20,600, we are breaking the trend because we’re taking out these highs ($20,000), and the amount of [short] stops above this high is going to be sufficient, which means that most likely we’re going to have a runner taking place towards this block here, which is the block at $29,200 and probably going to continue moving towards the block around $38,500 as I think that we’re just going to take liquidity above here.”

At the time of writing, the price of one bitcoin is $16,878, unchanged from the previous day.