After weeks of Bitcoin bulls struggling with $20,000 range, the star cryptocurrency has regained its next crucial level of $21,000 area. This indicates that investors have spiked buying pressure which might push the price further.
At the time of writing, Bitcoin is trading at $21,402 after a rise of 4.15% over the last 24hrs. Next resistance is at $21,450 and the support is around $21,350.
Also a popular crypto analyst and trader Michael van de Poppe informs his 639,100 Twitter followers that Bitcoin is in a favorable condition for a bull rally. He says that the flagship currency will soon see a jump of 40%.
Bitcoin Price At $30,000
His claim comes while the US dollar drops in value and Bitcoin gains its value hitting above $21,000 area. Van de Poppe says that in the coming weeks, the King currency will surge towards the $30,000 range.
As per the strategist, Bitcoin will move towards $22,500 and the currency will slightly fall back before claiming $30,000. He says this will be an opportunity to invest.
On Friday, November 4th, the US Department of Labor released the stats of unemployment which has increased by 0.2% hitting 3.7% in Oct 2022. Hence, the analyst is of the opinion that Bitcoin will see an increased volatility. He also says that if he goes for long, he will be eyeing a target of $20,300.
Van de Poppe ends his analysis with a statement that says if Bitcoin flips its movement, there will be a massive volatility which will see huge trade opportunities.
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Source: https://coinpedia.org/bitcoin/bitcoin-price-to-rise-40-from-its-current-levels-per-analyst-here-is-when/