A widely followed analyst believes that Bitcoin (BTC) is giving off an immense bullish reading that could propel the crypto king to a fresh 2023 high.
Analyst Michaël van de Poppe tells his 659,200 Twitter followers that Bitcoin has managed to keep both the 200-week moving average (MA) and the 200-week exponential moving average (EMA) as support.
Traders keep a close watch on these moving averages as they tend to signal the long-term trend of an asset.
According to Van de Poppe, Bitcoin now looks poised for a rally to a fresh yearly high of $40,000 before witnessing a major corrective move.
“Massive signal on the weekly chart for Bitcoin.
The 200-week MA and EMA both held.
Additionally, another higher low was made, so we’ll be looking at a higher high in the coming period.
Raw lines, but expecting us to rally substantially before a new correction.”
Although Van de Poppe is bullish on the midterm prospects of BTC, he says that Bitcoin could see a slight dip before starting its next leg up.
“Bitcoin is acting in a strong manner, as we’re still acting above $30,000.
I’m currently patiently waiting for triggers. Rejection at $31,000 might be a signal that we’ll be having more consolidation here.
In that case, sweeping $29,000 (or $28,000) is my go-to long play.”
At time of writing, Bitcoin is trading for $30,459.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
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 loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney