Bitcoin: Analyst Predicts Bullish Continuation – Here’s Why
Crypto strategist, Michaël van de Poppe, believes that Bitcoin (BTC) is primed for a significant move to the upside as it has broken above a critical level.
Key level breakout
He tells his 647,300 Twitter followers that the traders betting against Bitcoin may fuel a rally toward his target of $28,000.
“People properly eagerly start to short, so cracking $23,200 is inevitably continuation towards $26,000-$28,000 on the charts,” says Van de Poppe.
#Bitcoin currently on range low and could be bouncing from here.
People properly eagerly start to short, so cracking $23.2K is inevitably continuation towards $26-28K on the charts.
Best and defensive long entry; $21.5K. pic.twitter.com/9KdKvvceYl
— Michaël van de Poppe (@CryptoMichNL) February 6, 2023
Correction expectation
Despite his optimistic outlook, the analyst still believes that a correction to $21,700 is likely, but acknowledges that the momentum is in favor of BTC bulls as trading activity continues to increase.
“I’m still favoring a sweep of $21,700 as the most optimal long entry, but people are so hyped to get in the markets that most likely we won’t get it,” says Van de Poppe.
“In that regard, continuation to $26,000-$28,000 seems likely.”
#Bitcoin still eagerly holding the levels of the range-low.
I'm still favouring a sweep of $21.7K as the most optimal long entry, but people are so hyped to get in the markets that most-likely we won't get it.
In that regard, continuation to $26-28K seems likely.
— Michaël van de Poppe (@CryptoMichNL) February 7, 2023
READ MORE: Lucky Bitcoin Miner Won $130,000 Beating All Odds
Agreement with a fellow strategist
Another crypto strategist, Pentoshi, shares the same outlook on Bitcoin. The analyst correctly predicted the end of BTC’s bull market in 2021 and now believes that if Bitcoin breaches the $23,300 level, it will likely propel the price toward $25,000.
“The way I see things right now:
IF BTC flips $23,300 and ETH flips $1,680, THEN we see BTC to $25,000 and ETH with a god candle towards $1,9xx before a major retracement.
IF = THEN,” says Pentoshi.
https://twitter.com/Pentosh1/status/1623082799388594176
Andrey Kunev
Reporter at CoinsPress
Andrey Kunev is a knowledgeable cryptocurrency content creator passionate about the crypto market. With extensive experience in market analysis and investment reporting, Andrey is a valuable asset to the CoinsPress team. As a frequent contributor, he offers insightful and comprehensive coverage of market trends, price fluctuations, and new advancements in cryptocurrency. Whether you're a seasoned investor or just getting started, Andrey's clear and concise writing offers a comprehensive look at the current state of the crypto market and its prospects. Stay up-to-date with CoinsPress's expert analysis and commentary on all things cryptocurrency.
