Last week’s price drop in bitcoin resonated throughout the crypto market, with top cryptocurrencies continuing to lose ground. The general market recovered slightly as well, albeit the price increase slowed considerably on Thursday.
BTC is up 1.9% at $37K level, ETH is also around $2.5K. All of the other tokens on the chart too are printing gains.
Despite the pessimistic atmosphere surrounding the digital asset markets, popular crypto expert Michal van de Poppe believes Bitcoin (BTC) is destined for a stronger bounce.
Despite Bitcoin’s recent comeback from its 90-day low of $32,990, Van de Poppe tells his YouTube viewers that he feels the bottom is still out.
“The higher time frames are still unchanged. We’ve had a beautiful bounce and no conclusion of an actual bottom taking place here yet or that we’ve switched the trend.”
He says we might be entering a phase where we’re truly finding a temporary bottom right now. However, this will almost certainly necessitate a period of consolidation before we can begin to reverse.
The analyst says that, In this situation, the level at $35,800 is the one to monitor. BTC has been bouncing back and forth from it. However, if we can’t break through $36,500 at this point, it’s extremely possible that we’ll have that test at $34,000.
If, on the other hand, we get back above $36,500 and hold this $35,800 level, we’ll see more upward momentum.
Van de Poppe tells his 565,000 Twitter followers that Bitcoin can rally to its range resistance at $40,700, which is the crypto strategist’s aim for the bounce.
He opines that Bitcoin has made a fantastic move. Ready for a test for $38,000, with a potential price of $40,700 after the range is reclaimed.
At the time of writing, BTC is trading at $36,859 up by 1.9% in the last 24 hours. The major resistance is at $38,000 and the support is at $35,000. The broad market trend remains bullish for now, hence a rise can be expected.
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