On the last trading day of the week, while Bitcoin (BTC) is trading at $ 40,218, investors are wondering in which direction the largest cryptocurrency with its market value can go. Michael van de Poppe, one of the famous cryptocurrency analysts, clarifies this issue and shares his analysis. Here are the details…
Bitcoin prediction that frightens the analyst: We can regress to $ 29,000!
As we have reported as Kriptokoin.com, Bitcoin has been trading sideways for the last two days and is stuck in a certain range. Meanwhile, Crypto analyst Michaël van de Poppe says that Bitcoin (BTC) is approaching a final support level before falling below $30,000. Van de Poppe, in a video he just shared, says that if the price of BTC falls below $ 38,000, it may decline further. According to the analyst, the $38,000 level is the last support level and if it is lost, long positions will be hit. Therefore, the price will start to drop even more.
He thinks the next levels could be $32,000 or even $29,000 if a bullish breakout and pullback is made on the broad time frames. “We are currently facing this last level of support before we wait for these lows to be tested,” said the analyst. we were retesting some levels. Luckily, we’ll retest the green zone and you can at least aim to open some long positions, which could get you around 8-10 percent depending on how deep the actual correction stays if we retest the lows.
How does DXY affect BTC?
On how the price action of the US dollar may affect Bitcoin, the analyst says that a reversal in the US Dollar Index (DXY) could be bullish for BTC:
November 2018 to May The period up to 2019, the dollar is moving sideways, and if you know what happened during that period, Bitcoin (BTC) is running from $3,000 to $14,000, so if we’re going to make this variety divergence, the dollar and we’re going back to this range, I think we have a chance to see some serious momentum. .
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