Bitcoin and Ethereum to Continue the Bullish Trend – Michael van de Pope
According to popular analyst Michaël van de Poppe, the recent correction in the cryptocurrency market has not dampened the long-term bullish outlook for Bitcoin and Ethereum.
In a YouTube video update, van de Poppe predicts that Bitcoin may retrace to a low of $26,600 before resuming its upward trajectory.
He notes that Bitcoin must break through a key resistance level of $27,800 to signal the end of the corrective phase and trigger a new bullish trend. Currently trading at $27,547, Bitcoin is approaching this crucial level.
Same old, same old for #Bitcoin.
Isn't able to break through $27,800 as resistance point.
Would be looking at a sweep of the lows until we can have a bounce.
However, $27,800 is crucial for a trend reversal, not $28,800. pic.twitter.com/7U7MS1lcus
— Michaël van de Poppe (@CryptoMichNL) April 24, 2023
Van de Poppe also provides a positive outlook for Ethereum, stating that it is still in a macro uptrend as long as it remains above a critical support level on the weekly timeframe.
He suggests that even if Ethereum experiences a corrective move towards the $1,800 level, it could still be trending upwards. At the time of writing, Ethereum is valued at $1,844.