According to renowned expert Michael van de Poppe, Bitcoin (BTC) is showing signs of a major price surge in the near future. This is because it’s currently trading above a critical level.
Expert Outlines How BTC Could Rally to $40k
At the time of this writing, the price of Bitcoin was $22,726, much lower than the resistance level identified by Van de Poppe, which is $23,200. Even though the expert claims he still expects a pullback near $21,700, he admits that Bitcoin trading activity is rising. This indicates that momentum is on the side of BTC bulls, which means that the top cryptocurrency may skyrocket to $40,000 by June of this year.
According to the expert, a break over $23,200 would almost certainly accelerate Bitcoin to $25,000, which is the level of the next immediate resistance level. Van de Poppe is of the opinion that there is a significant possibility that the current level will be swept to extract liquidity but that this may provide a fantastic chance to buy in.
The trade volume for Bitcoin is now at $40.7 billion, and its price has decreased by 2% in the last twenty-four hours. Bitcoin is currently rated number one, with a market capitalization of $438.2 billion.
In the event that Bitcoin’s price drops below its present level, the token may drop even more to a projected target of $22,100, which is supported by an ascending trendline. According to the technical analysis findings, selling pressure is rising, as shown by the RSI and MACD indicators. Because of this, the value of Bitcoin might reach a new low of $22,050 in the near future.
The 50-day exponential moving average suggests that the king cryptocurrency may encounter resistance close to the level of $23,250, even though the trend is still bullish. If it goes higher than $23,250, the price might go as high as $23,500, which would indicate that there is the possibility of a rise in value. Let’s watch and see the direction BTC moves.
