A widely followed crypto trader is identifying a key price zone Bitcoin (BTC) must break through for bullish continuation.
Crypto analyst Michaël van de Poppe warns his 650,000 Twitter followers that the $23,800 price zone is a “crucial breaker” for BTC markets to continue moving up.
“The area at $23,800 remains to be a crucial breaker for the markets to continue the upward momentum.
Bitcoin needs to break it for continuation.”
With BTC currently trading for $23,269 at time of writing, the king crypto is hovering just above another important price level highlighted by Van de Poppe.
“Waiting game for Bitcoin.
Couldn’t break through resistance and altcoins start to drop hard.
If Bitcoin doesn’t hold $23,200, I’m assuming we’ll test mid $22,000 before going anything up.”
Van de Poppe also warns that if BTC continues on its current downward trajectory, down 1.62% on the day, it will affect altcoins like Chainlink (LINK) negatively. The trader also thinks reclaiming higher levels will activate another rally.
“Scenario I’d be looking at if we have a sweep of Bitcoin to $22,500 and markets puke some more, then LINK will also sweep the lows.
Reclaim = activation.”
Looking at events taking place in the broader markets, such as the potential and unconfirmed at time of writing Silvergate bankruptcy, Van de Poppes hypothesizes it may be time for a market squeeze.
“Silvergate potentially going bankrupt, pushing prices down a bit more.
On the other hand; people piling into positions since the news and no real movement on Bitcoin.
This might be an assumption people are heavily skewed to the short side here.
Time for a squeeze.”
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