Widely followed crypto analyst Michael van de PoppeHe pointed out the key price levels that Bitcoin (BTC) needs to protect and break in order to trigger market momentum.
In a recent tweet, the analyst told his 576,300 followers that Bitcoin must fight to stay above $39,700.
“Given the current price action for Bitcoin, the $39.7K level should be maintained.”
Apart from his Twitter post, the trader also posted a YouTube video to his 165,000 subscribers in which he said that losing the support level between $39.6k and $37.6k could send Bitcoin back to $30,000. The analyst deepened the forecast as follows:
“Looking on the bright side, we exceed $39.6k. So, if we want to identify any critical levels we need to hold on to, $39.6k is definitely the level I want to see sustainable. If that doesn’t happen, I think we’re down to $37.9k and then we can rush up to $30,000. So 39.6 thousand dollars is a very important level for me to watch.”
If BTC manages to maintain current levels and stay above $39.6k, Van de Poppe believes the leading cryptocurrency by market cap could rise to $47,000 and beyond.
“If this level ($42.6) is taken, then I think we can accelerate to $46K. If I’m not mistaken – if we reverse the trend and get $46,000, that would be a trigger for me to expect strong longs again because we’re just stuck in this range and in that range I look at the lows where I want to create longs on my positions. When we break that range and turn the resistance we have here to support, which is the full $47,000 level – that will be the trigger for me to go long.”
At the time of writing, Bitcoin is trading at $ 41,952, with an increase of 2.97 percent in the last 24 hours.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.