Crypto trader Michaël van de Poppe is expressing bullish sentiment on Bitcoin (BTC) as the flagship crypto asset hovers below a key resistance level.
In reference to a potential upside move, Van de Poppe tells his 662,700 Twitter followers that Bitcoin is “close to a party.”
The widely followed crypto analyst also indicates on an attached chart that the rally could kick off at a price above the $30,000 level.
Bitcoin is trading at $29,777 at time of writing.
According to Van de Poppe, a price below $29,700 indicates that Bitcoin is consolidating.
“Bitcoin party starts when we break $29,700.
Until then it’s just consolidation.”
The widely followed crypto analyst also says that the potential authorization of spot Bitcoin and Ethereum (ETH) exchange-traded funds (ETFs) in the US will act as a catalyst for the market.
“The ETF’s are just around the corner.
It’s way bigger than you think it is, as it will move markets.
Buy the dip, as much as you can for Bitcoin and Ethereum.”
Van de Poppe also casts doubt on the likelihood of the flagship crypto asset falling below the 34-month low of around $12,000 after BlackRock filed for a spot Bitcoin ETF and PayPal unveiled a stablecoin.
“In 2023, the largest asset manager applied for Bitcoin ETF.
In 2023, the largest fintech company launches a stablecoin.
Yet, you think Bitcoin will go to $12,000.
Think again.”
Turning to the wider crypto market, Van de Poppe suggests on a chart that the total cryptocurrency market capitalization could surge to above $1.5 trillion from the current $1.23 trillion.
“Total market capitalization of crypto is seeking for a new higher low…
We’re in an uptrend since November 2022.”
Generated Image: Midjourney