Popular crypto trader Michaël van de Poppe thinks Bitcoin (BTC) will have to suffer through a few more dips before reentering another bull market.
In a new video, Van de Poppe tells his 165,000 YouTube subscribers that he assumes Bitcoin will soon endure a short correction towards the price area around $36,000.
The crypto analyst predicts that dips will give BTC “some fuel” to gain momentum and move up to the $40,000-$41,000 range.
“Looking at the daily (chart)… we have been taking the resistance again, we have been taking liquidity…
That is also a recent level so then I’m assuming we’re going to have a correction towards the area around $36,000…
We get towards $41,100, we get this trend, technically you would be saying that’s a bearish flag or something, and then we reject and get ourselves down once more to take all [that liquidity], and then we are back into the bull cycle.”
Van de Poppe says he plans to buy Bitcoin if it breaks above $46,000 or if it takes out a bunch of liquidity and drops down to the $30,000 range. He says he’ll “de-risk” his BTC position if it just bounces to $41,000, as he predicts that it will.
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