Popular crypto strategist Michaël van de Poppe says that Bitcoin (BTC) is due for a heavier bounce even amid the bearish sentiment surrounding the digital asset markets.
In a new strategy session, Van de Poppe tells his 164,000 YouTube subscribers that he believes the Bitcoin bottom is not yet in despite BTC’s bounce from the 90-day low of $32,990.
[adinserter block="1"]“The higher timeframes are still unchanged. We’ve had a beautiful bounce and no conclusion of an actual bottom taking place here yet or that we’ve switched the trend. That’s more important… We might be getting into a phase right now that we’re actually finding a temporary bottom. However, this will most likely require a period of consolidation and will take time before we can actually start reversing.”
Although Van de Poppe says that Bitcoin has yet to carve a definitive bottom, he highlights that BTC bulls can still ignite a relief rally.
“In this case, the level to watch is the level at $35,800. We’ve been bouncing from it. But if we’re not able to crack through $36,500 at this stage, it seems very likely that we’re going to have that test [at $34,000]… If, however, we get back above $36,500 and are holding this $35,800 level, that is going to result in further upwards momentum.”
At time of writing, Bitcoin is trading at $36,880, above Van de Poppe’s key level to watch.
As for the crypto strategist’s target for the bounce, Van de Poppe tells his 565,000 Twitter followers that Bitcoin can rally to its range resistance at $40,700.
“Great move of Bitcoin. Ready for a test at $38,000 and possibly $40,700 after the reclaim of the range.”
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