A widely-followed crypto analyst says conditions are right for Bitcoin (BTC) to begin a significant rally.
Crypto trader Michaël van de Poppe tells his 639,100 Twitter followers that a 40% jump for Bitcoin is likely in the short term.
His prediction comes as BTC leaped into the $21,000 price range and as the US dollar has weakened in value according to the US dollar index (DXY). The analyst says Bitcoin may hit $30,000 within weeks.
“DXY is tanking. Yields are ready to drop. Bitcoin at $21,000. It’s time for the run towards $30,000 in the coming weeks.”
He says that Bitcoin is likely headed next to $22,500 after a slight dip, which would make for an opportune time to invest.
“And, just like that, Bitcoin took out all the highs, volume is increasing and it’s back above $21,000. I’m assuming we’ll continue towards $22,500 from here, but have a slight correction before continuing (as we took out all the liquidity). Buy the dip season.”
In a new Youtube video update, van de Poppe says Bitcoin’s prices will likely see increased volatility with the market reaction to unemployment data released Friday by the U.S. Department of Labor.
“It’s unemployment data day, Bitcoin is still looking ready for continuation. If I want to be still looking at longs, I’d be looking at the flip around $20,300. Otherwise, I’ll be looking at $19,600 again and we can start targeting this block on the left, which is the area around $22,400.
That is definitely what I’ll be targeting. And if we’re looking at the entire range, it is five months of sideways action. So the moment that we’re going to shift that entire momentum, it is definitely going to bring a ton of volatility and a ton of trade opportunities.”
At time of writing, Bitcoin is trading at $20,781.
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