Get the scoop on finance - sign up for mobile alerts
Bitcoin
| On
July 24, 2021

Bitcoin Bulls Must Hold Key Price Level This Weekend or Bullish Momentum Will Be Lost, According to Top Crypto Analyst

By Daily Hodl Staff

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.

ADVERTISEMENT

“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].”

ADVERTISEMENT

Bitcoin is trading at $33,615 at time of writing, according to CoinGecko.

l

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
&nbsp
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/wacomka