A broadly adopted crypto analyst is monitoring the place Bitcoin (BTC) might head subsequent after its explosive rise above $19,000.
Crypto dealer Michaël van de Poppe tells his 644,700 Twitter followers that it’s nonetheless unclear how lengthy BTC’s present rally will final.
“All of the liquidity has been taken above the highs and that’s why we accelerated.
Query is whether or not we’ll proceed rallying in direction of $20,000-$21,000 or whether or not we’ll relax for Bitcoin.”
BTC is buying and selling for $19,333 at time of writing, up 15% within the final week.
Regardless of BTC nonetheless being down 72% from its November 2021 all-time highs, Van de Poppe nonetheless observes what he describes as “bull euphoria” on social media.
“Humorous although, if you happen to take a look at social media, it’s bull euphoria.
Should you watch the chart, you need to zoom out lots to see your entire chart.
Bitcoin remains to be -$50,000 from 15 months in the past.”
Regardless of the optimistic sentiment, the crypto dealer nonetheless thinks the vast majority of the world is bearish on BTC. Nevertheless, he additionally thinks this presents merchants with a golden alternative.
“Bitcoin is perhaps hated by the bulk and the bulk would possibly count on new lows and a steady bear market.
Nevertheless, that grants a large alternative, don’t you agree?”
For now, Van de Poppe expects Bitcoin to achieve new native highs earlier than correcting.
“Most likely Bitcoin needs to take out the highs quickly and proper after.
Areas I’d personally be expecting shorts is $19,100-$19,400.
Constructing longs round $18,200 isn’t a nasty possibility, something decrease is reasonable.”
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