Bitcoin splash is a trap? A popular crypto analyst is examining the charts to determine if Bitcoin’s (BTC) spike is sustainable. The details of the analysts of the famous crypto money analyst Michaël van de Poppe are on Kriptokoin.com.
Is the rise in Bitcoin (BTC) sustainable?
Michaël van de Poppe said that BTC retesting the $40,000 level will likely lead to market volatility. On the subject, the analyst said:
FOMO [fear of missing out] is rising in the markets as people feel left out… Bitcoin is breaking heavily after a slight bounce from $36,000. There was another test at $37,000 and then we started to rise… We are seeing liquidations as volume has increased significantly.
The analyst then looks at the Bitcoin chart to understand where BTC might go and says, “The question is whether we are making a fake or a sustainable move as volume is the highest we expected since the actual crash occurred.” Poppe says Bitcoin will face upper resistance in the entire region between $40,700 and $41,500. “This is the previous support range that is likely to test resistance as we are testing this level for the first time,” Poppe said. If we get past that, I assume we will see a test of $44,200, moving towards $46,000,” he says. Poppe expects many to sell around $40,700, which will put pressure on BTC at $38,400. “If we’re going to do this today or in the next 24 hours, it’s a fraud… and then we’re probably done and we’ll test lower,” Poppe said.
The analyst cites the $38,900 level as a crucial support if Bitcoin has a chance to continue. If the line bends, he thinks BTC could drop to the $33,000 to $34,000 range. The analyst says:
If we’re going to consolidate a bit more here and stay above $39,000, the odds of hitting $44,000 to $46,000 increase. When we first tested this level after the real market crash, I am not buying at $40,500. If we flip it, I think we’ll go for $46,000. If we break from $40,300 to below $39,000 this will be a heavy and hefty correction and I think we will retest the bottoms.
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