Widely-followed crypto analyst Michaël van de Poppe is highlighting crucial price levels for Bitcoin (BTC) to break through to trigger market acceleration.
In a new tweet, the analyst tells his 576,300 followers that Bitcoin must fight to stay above $39,700.
“Looking at the current price action for Bitcoin, the level at $39.7K needs to hold.”
The trader dives deeper into BTC’s price action in a new YouTube update where he tells his 165,000 subscribers that losing the $39.6k-$37.6k support level could send Bitcoin back to $30k.
“When we’re looking at the upside, we have been breaking through $39.6k. So, if we want to classify any crucial level that we should be holding on to, the level at $39.6k is definitely the one that I want to see sustained. If that doesn’t happen, I think we sweep the low at $37.9k, and then we can just accelerate all the way down toward $30k. So $39.6k is, for me, a very important level to watch.”
If BTC manages to hold current levels and resist dipping below $39.6k, then Van de Poppe believes the leading crypto by market cap could rise to $47k and beyond.
“When we’re looking at the upside, the one to sweep is this high here at $42.6k. If that one is taken, then I think we can accelerate all the way toward $46k. And if you recall correctly – if we flip and gain $46k, that would be a trigger for me to look for heavy longs again because we’re just stuck in this range, and in the range, I’m going to look at the lows, where I want to build up my position for longs. And when we break out of that range and flip the level that we’ve got here as resistance, which is this entire level of $47k – that will be the trigger for me to actually look at for longs.”
Bitcoin is trading for $40,805 at time of writing, up half a percent over the last 24 hours.
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