{"id":172966,"date":"2021-07-26T07:30:18","date_gmt":"2021-07-26T02:00:18","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=172966"},"modified":"2021-07-25T15:13:37","modified_gmt":"2021-07-25T09:43:37","slug":"analyst-on-bitcoin-i-would-not-be-surprised-if-we-get-a-very","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/analyst-on-bitcoin-i-would-not-be-surprised-if-we-get-a-very\/","title":{"rendered":"Analyst on Bitcoin: I would not be surprised if we get a very…"},"content":{"rendered":"

Bitcoin, the largest cryptocurrency was trading below the $30k, just a few days ago. Some of the analysts within the community even projected a further setback to the $18k mark. However, in an interesting turn of events (specifically, the virtual \u201cB-Word\u201d conference<\/a>), Bitcoin changed its course and started to recover some of its losses. At press time, Bitcoin was trading<\/a> above the $34.5k mark with a 3% hike in 24 hours.<\/p>\n

Which critical levels does Bitcoin need to hold, to see a bullish momentum?<\/h4>\n

Top crypto analyst and trader Micha\u00ebl van de Poppe was quick to acknowledge<\/a> the aforementioned question in a recent YouTube video. As per his analysis, despite Bitcoin sitting in a slight bullish period, the asset needed to claim these critical levels to sustain its rally. He said,<\/p>\n

\u201cWhat you want to see is that Bitcoin generates a new higher low\u2026 At this stage, yes, we do have this fake-out beneath the recent low. We got back into the range. But in order to sustain bullish (rally), you want to see the previous support\u00a0flip for support again [$31,000].\u201d<\/p><\/blockquote>\n

The same is seen in the chart.<\/p>\n

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Source: YouTube<\/a><\/figcaption><\/figure>\n

Are we looking at a trend reversal?<\/h4>\n

The analyst further gave out two possible scenarios, bearish and bullish, although he was confident about the latter.<\/p>\n

Firstly, if Bitcoin fails<\/a> to flip $31,000 into support, a possible correction down to $26,000 and then perhaps to $24,000. However, there’s an interesting aspect, that Poppe pointed out, “… the fact that everybody is expecting<\/a> lower levels is bearish euphoria which is comparable to bullish euphoria.” That could set up a major bear trap and ignite a sustained BTC bounce.<\/p>\n

On the other hand, he spoke about his bullish<\/a> plot, stating,<\/p>\n

\u201cIf we break [$32,800], I would not be surprised if we get a very swift and heavy run towards [$36,000] high, potentially even a wick towards [$37,500].\u201d<\/p><\/blockquote>\n

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Source: YouTube<\/a><\/figcaption><\/figure>\n

Considering the said development(s), the question is, if BTC is ready for $40k yet? As per the analyst’s latest tweet, it certainly looks like it.<\/p>\n

\n

#Bitcoin<\/a> facing the next level of resistance (after this it's $36K). <\/p>\n

Reminder that we're dealing with a weekend pump, wouldn't be surprised to see a retest happening in green to close the CME gap this coming week.<\/p>\n

Overall, very good behavior and still expecting $40K overall. pic.twitter.com\/CIOKHYOzpm<\/a><\/p>\n

— Micha\u00ebl van de Poppe (@CryptoMichNL) July 24, 2021<\/a><\/p><\/blockquote>\n