A widely followed crypto analyst is tracking where Bitcoin (BTC) may head next after its explosive rise above $19,000.
Crypto trader Michaël van de Poppe tells his 644,700 Twitter followers that it is still unclear how long BTC’s current rally will last.
“All the liquidity has been taken above the highs and that’s why we accelerated.
Question is whether we’ll continue rallying towards $20,000-$21,000 or whether we’ll calm down for Bitcoin.”
BTC is trading for $19,333 at time of writing, up 15% in the last week.
Despite BTC still being down 72% from its November 2021 all-time highs, Van de Poppe still observes what he describes as “bull euphoria” on social media.
“Funny though, if you look at social media, it’s bull euphoria.
If you watch the chart, you have to zoom out a lot to see the entire chart.
Bitcoin is still -$50,000 from 15 months ago.”
Despite the positive sentiment, the crypto trader still thinks the majority of the world is bearish on BTC. However, he also thinks this presents traders with a golden opportunity.
“Bitcoin might be hated by the majority and the majority might expect new lows and a continuous bear market.
However, that grants a massive opportunity, don’t you agree?”
For now, Van de Poppe expects Bitcoin to reach new local highs before correcting.
“Probably Bitcoin wants to take out the highs soon and correct after.
Areas I’d personally be watching for shorts is $19,100-$19,400.
Building longs around $18,200 isn’t a bad option, anything lower is cheap.”
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