Bitcoin tried to surpass $25,000 once again in the past 24 hours, but was stopped and dropped back to $24,500 as of now. So, what levels are next? Here are the Bitcoin comments of two famous analysts…
Bitcoin had a volatile week: What’s next?
Bitcoin had a highly volatile trading week, breaking past $25,000 for the first time since August last year and then dropping as low as nearly $2,000. The bulls hit the accelerator in the next day or two and once again pushed the asset to just over $25,000. This was short-lived, however, and BTC bounced back below this line. The asset remained calm around $24,500 on Saturday and started another rally towards $25,000 later in the day but failed once again. As of now, the cryptocurrency stands on the same familiar ground.
A popular crypto analyst and trader believes that Smart Contracter Bitcoin (BTC) will likely show a significant correction in the coming months. Smart Contracter told his 220,500 Twitter followers that Bitcoin is most likely facing a major pullback. After the sharp pullback on the daily chart, he said he is confident that the five-wave rally is complete. Underlining that he expects a multi-month retracement to $19,000, the analyst stated that he will “happily execute” long positions below $20,000.
Smart Contracter, which makes many crypto money predictions and most of them are right, as we have reported as cryptokoin.com, uses the Elliott Wave theory, an advanced technical analysis approach that tries to predict future price action by following the crowd psychology that tends to manifest in waves. According to the theory, a pullback of an uptrend asset is expected after completing a five-wave surge. After the correction, the crypto strategist predicts that Bitcoin will rise strongly to $30,000.
Michaël van de Poppe expects rise in Bitcoin
While Smart Contracter is bearish on Bitcoin, widely followed analyst Michaël van de Poppe said that if the bulls manage to keep the cryptocurrency above a key support level, BTC’s upward trajectory will likely continue. “Bitcoin is recovering after reaching the last resistance before $30,000. This is not bad, this is normal. “I will be watching $22,800 as a crucial support to sustain, and then we will show higher lows again to continue.”
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