Michael Van De Poppe, an analyst, has provided insights into the recent drop in Bitcoin’s price from the $30k levels. He also noted that Bitcoin and Ethereum are currently in a consolidation phase and emphasized that hype-driven events are crucial for both coins to sustain their bullish trend.
Poppe said that $47k is the next crucial level for Bitcoin if it breaks above the $30k level. The analyst said that as long as Bitcoin stays above $25.4k there is a likely case of continuation taking place on the trend (bullish).
After that, one can expect Bitcoin to rise to $41k to $47k levels. If Bitcoin is going to have a breakdown beneath $25k, it will as a result be going to bring the prices back down towards $20K again or 19k.
Bitcoin’s upward momentum is expected to continue unless it falls below 25k. In that case, it would be advisable to close positions, and there could be a possibility of revisiting the 20k lows.
However, such an event would require an outlier or a severely unfavorable macroeconomic environment, which is not expected to occur during this period.
Why did Bitcoin fall from the $30k level?
He said that long-term holders were accumulating even when the FTX collapsed and now, the same pattern is being repeated. According to the analyst, this pattern indicates that they ‘strongly believe in a bullish market.’
The analyst also spoke about Bitcoin’s descent from $30k to $27 levels and added that the reason might be due to miners going on a selling-spree.
“Miners have been selling their Bitcoins. They have been selling around 6,000 Bitcoin in the past week which additionally resulted into Bitcoin falling from above 30k towards 27k and this sell-off has caused a potential sell of around 172 million additionally on the markets so probably the start of this sell-off has caused the chain reaction and liquidations as we have seen hence why prices have been falling.”
Source: https://coinpedia.org/bitcoin/will-bitcoin-btc-price-hit-20k-or-40k-michael-van-de-poppe-maps-bullish-and-bearish-targets/