A closely followed crypto strategist is unveiling what he thinks could trigger the next Bitcoin (BTC) rally.
Analyst Michaël van de Poppe tells his 649,800 Twitter followers that Bitcoin is likely to dip below $23,000 after failing to reclaim resistance at $23,800 when it rallied yesterday.
Van de Poppe says that should Bitcoin manage to reclaim support at $23,000 after his predicted pullback, it could trigger a rally to $25,000.
“Scenario I´d be looking at, right now for Bitcoin.
Rejecting at crucial $23,800 level would indicate that we´ll be having another test of the support.
If that sweep happens and we reclaim [$23,000], $25,000 test is inevitable and longs are triggered.”
At time of writing, Bitcoin is trading for $23,425.
Although Van de Poppe is expecting a short-term retrace for BTC, he remains bullish on the long-term potential of the crypto markets. Looking at the total valuation of all digital assets, the analyst believes that crypto is just consolidating before the next leg up.
“The total market capitalization for crypto is still providing a clear picture.
Retest of all-time high in 2017.
Double bottom retest.
Weekly bullish divergence, first time ever.
Breaking above 200-week moving average and holding support.
One more week of consolidation before up, likely.”
He also says that he’s accumulating crypto assets with the expectation that the market will rally in the coming months.
“Simplified, there’s still room for crypto to continue the rally in Q2 of this year, as we’ve had a significant amount of intrinsic shocks in the markets past year. Max pain scenario is upwards, not downwards. Positioning myself into longs and buying the dip, patiently.”
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