Popular cryptocurrency trader and analyst Michaël van de Poppe recently made an update on Bitcoin’s next price action. Poppe told his followers that BTC may have bottomed out for now.
“Bitcoin can continue to rise.”
Speaking in a recent YouTube video, Van de Poppe claimed that Bitcoin likely hit a relative bottom after its price dropped to $ 44,000 last week. The crypto trader predicted that BTC will surpass $ 50,000 in the following rally.
The last low of $ 44,000 has been retested and we jumped, which means we will likely be getting pressure to buy from the green zone here. So we may be entering a temporary low phase where we are building such a model.
Van de Poppe predicted that following the comeback, BTC would rise to $ 54,000 in the coming weeks, then resulting in some recession and another price drop. Finally, the popular trader said that Bitcoin will “continue to move” in the upward direction in the long run.
The possibility of a fall should not be ignored
Although Van de Poppe has a positive outlook for BTC, he warned his followers that Bitcoin support could break during another price drop, leading to another 20 percent drop for BTC:
“If we can’t keep this level we just discussed, or if we can’t keep $ 45,000, I’ll look at $ 37,000 to $ 40,000.”
The prolific trader is also predicting a rise in Ethereum, but stated that his chart looks worse than Bitcoin in the short term. He said ETH set up a critical resistance zone at $ 1,500, but could rise to $ 1,700 – $ 1,800.