With Bitcoin currently trading above a crucial level, renowned cryptocurrency expert Michael van de Poppe has reemphasized his prediction of an imminent massive rise in the cryptocurrency.
Bitcoin at $40k? That is how.
At time of writing, Bitcoin is trading at $22,726, below the $23,200 resistance level identified by van de Poppe. Despite anticipating a possible pullback to $21,700, he acknowledges that increased trading activity in Bitcoin indicates growing momentum in favor of the bulls. This suggests that the leading cryptocurrency may see a dramatic rise to reach $40,000 by June 2023.
Michael van de Poppe, the expert, predicts that breaking the $23,200 level would propel Bitcoin higher towards the next immediate resistance level of $25,000. Although he acknowledges the potential for a dip to draw liquidity, he believes this could provide a favorable buying opportunity.
Bitcoin currently has a trading volume of $40.7 billion and has experienced a 2% decline in value in the last 24 hours.
Technical analysis
With a market capitalization of $438.2 billion, it retains its position as the number one cryptocurrency.
If the Bitcoin price falls below its current level, it may experience a further decline to the estimated target of $22,100, supported by an ascending trend line. Technical analysis reveals mounting selling pressure, as indicated by the RSI and MACD indicators, which could lead to a new low of $22,050 in the near future.
The 50-day exponential moving average suggests that Bitcoin may face resistance near $23,250, despite the overall uptrend. If it breaks above this level, it can go as high as $23,500, indicating a potential increase in value. It remains to be seen what direction Bitcoin will take.
This post Michael van de Poppe Predicts Bitcoin Price to Rise More Than 50% – Here’s the Timeline
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