Crypto Analyst: BTC Hit Relative Low For Now, Rally to $54K Likely

Popular crypto trader and analyst Michaël van de Poppe recently gave an update on Bitcoin’s next price move, telling followers BTC may have hit its bottom for now. 

Speaking in a recent YouTube video, Van de Poppe claimed bitcoin had likely hit its relative bottom following last week’s price pullback to $44,000. The crypto trader predicted BTC would bounce above $50,000 in the ensuing rally. 

According to the Daily HODL, he said:

This recent low at $44,000 got tested again and we bounced up, which means that we’re probably going to get buy pressure from this entire green zone here. So we might be getting into a temporary low phase in which we construct such a pattern.

Van de Poppe predicted the bounceback would result in a run towards $54,000 in the coming weeks, followed by some stagnation and another price dip. Ultimately, the popular trader said Bitcoin would “continue moving” in a bullish direction in the long-term. 

Despite having a positive outlook for BTC, Van de Poppe warned followers support for Bitcoin could breakdown during another price dip, leading BTC to plummet an additional 20 percent. 

He explained: 

“If we can’t hold this level that we just discussed, we can’t break up, and we can’t hold $45,000, I’m going to look at $37,000 to $40,000.”

The prolific trader was also bullish on Ethereum, but noted its chart looked worse than Bitcoin in the short-term. He said ETH had established a critical resistance zone at $1,500, but could make a push towards $1,700 – $1,800.

https://youtube.com/watch?v=gL5l9k_Ph9Y%3Ffeature%3Doembed

Featured Image Credit: Photo via Pixabay.com

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

Source: Read Full Article