Top trader and cryptocurrency strategist Michaël van de Poppe is setting the key level to focus on Bitcoin this month. Van de Poppe told his 35,800 YouTube users in a new video that Bitcoin (BTC) may have fallen to local lows and is expected to ignite a rebound of more than $50,000.
“Now we enter the critical part. After being rejected (approximately $48,000), what you want to see is here to accelerate to this level ($38,000). However, the recent low of $44,000 was tested again and we rebounded , Which means that we are likely to get buying pressure from the entire green area here. Therefore, we may be entering a temporary low-level stage, in which we will build this model. If we push the price to around $54,000 in the next few weeks, cut it a little bit, drop it again, and then we keep going, I won’t be surprised.’’
The cryptocurrency strategist also issued a warning that Bitcoin’s immediate support may not be established. If this is the case, the leading cryptocurrency asset may plunge 20% from its current value of $46,400.
“If we can’t maintain the level we just discussed, we can’t break it down, and we can’t have $45,000, then I will set the price between $37,000 and $40,000.”
As for Ethereum (ETH), the trader said it looks worse than Bitcoin, but he pointed out that the leading smart contract platform may rebound from current levels.
“You want to see more advantages in this regard. From this point of view, the critical resistance zone ($1,500) has failed. If we are prepared for $1,400 (as support), we can trigger to continue trading, and then I Suppose we will see between $1,700 and $1,800.”
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