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.
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.”
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