Popular cryptocurrency analyst and trader Michaël van de Poppe is updating his outlook on king crypto Bitcoin (BTC) over the coming weeks and months.
Van de Poppe tells his 163,000 YouTube subscribers in a new video that Bitcoin could trade in a range for a while before rallying to a price of up to $40,000.
[adinserter block="1"]According to the popular cryptocurrency analyst and trader, the $37,000 to $40,000 price level is where most of the investors and traders with open positions in Bitcoin are likely to close their positions, possibly in the second quarter (Q2) of 2023.
“I think that the take profit price will start to take place around $29,000 and most likely $37,000 to $40,000. I think that this entire run, and now we’ve got the sideways period which can just last for a few weeks before you can start running again, this run towards $37,000 to $40,000 is most likely going to take place in Q2.”
With Bitcoin worth $22,709 at time of writing, the $37,000 to $40,000 target would be an increase of at least 70%. Van de Poppe says a sharp trend reversal will occur before the bull cycle and subsequent price action can really get rolling.
“And then we have another very fast correction taking place before the entire bull cycle starts to take off.”
I
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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 assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
