Bitcoin Price Explosion to $50,000 Likely, Says Top Crypto Trader – Here’s His Forecast
A widely followed crypto analyst is predicting huge gains for king crypto Bitcoin (BTC) in the coming months.
Top analyst Michaël van de Poppe tells his 652,500 Twitter followers that BTC looks good against the 200-week exponential moving average (EMA) and the 200-week moving average (MA).
“The total market capitalization of crypto is above the 200-EMA and 200-MA.
Usually, it doesn’t come back beneath.
All things taken into account, including FTX, Voyager, Celsius, LUNA and 3AC, we’re up from $15,000 to $28,500.
Probably we’ll continue to $40,000-$50,000 coming months.”
However, at this point in time, Van de Poppe says BTC is searching for lows before it can go long, making altcoins like Ethereum (ETH) better bets at this moment.
“Bitcoin searching for the lows and therefore we’ll probably be looking for longs.
Altcoins & Ethereum stronger at this stage.”
For now, Van de Poppe says BTC is right below its main level of resistance – $28,600.
“The $28,600 price level for Bitcoin remains to be resistance.
With this current structure, you’d like to see a sweep in support again.
This level is at $27,600.
If that holds and we’ll bounce back up, continuation until either $27,600 or $28,600 gets tested again.”
Zooming on BTC’s chart, the trader says we have yet to see what BTC will do next.
“Let’s see, Bitcoin.”
Bitcoin is worth $28,191 at time of writing, just below the resistance level highlighted by Van de Poppe.
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