Top crypto analyst and trader Michaël van de Poppe is discussing key Bitcoin (BTC) price levels as the flagship cryptocurrency consolidates above $33,000.
In a new video, Van de Poppe says that although Bitcoin appears to be in a slight bullish period, especially in the wake of news that Tesla and SpaceX hold BTC on their balance sheets, the asset needs to flip some key levels into support to sustain its rally.
“What you want to see is that Bitcoin generates a new higher low… At this stage, yes, we do have this fake-out beneath the recent low. We got back into the range. But in order to sustain bullish, you want to see the previous support flip for support again [$31,000].”
Right now, says Van de Poppe, Bitcoin has stayed above support at $29,300 and even managed to break out of a falling wedge, which is a pattern that can indicate trend reversal.
Van de Poppe highlights that if Bitcoin fails to flip $31,000 into support, he’s looking at a leg down to $26,000 and possibly to $24,000. The analyst, however, says many traders are waiting for Bitcoin to plummet and have reached a moment of bearish euphoria, which could set up a major bear trap and ignite a sustained BTC bounce.
“If we break [$32,800], I would not be surprised if we get a very swift and heavy run towards [$36,000] high, potentially even a wick towards [$37,500].”
Bitcoin is trading at $33,615 at time of writing, according to CoinGecko.
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