Cryptocurrency expert Michael van de Poppe, bitcoin He shared his evaluations about the current situation of the price.
“If It Drops Below $38,000, Next Stop May Be $31,000”
According to the analyst, if the BTC price drops below $38,000, a correction to $31,000 could occur.
Sharing his views with his followers in his Youtube video, Poppe stated that the Bitcoin price has followed a horizontal course since the beginning of the year, but with the last minor correction below $ 40,000, further depreciation has been paved.
Although Poppe thinks that $31,000 is possible, he also noted that this level has not been tested in recent charts:
“If we lose the $38,000 level, I will admit that we are starting a bearish break. In this case, I think a pretty drastic correction will take place.”
“Strong Dollar Affects Bitcoin”
Poppe said that the reason why BTC could not start a new rally may be due to the strong performance of the dollar, but that BTC is also stable.
However, the analyst stated that the market will follow the next rate hikes and could positively affect Bitcoin by causing a reversal from the dollar.
In a bullish situation, momentum can be gained once the $40,200 level is exceeded.
Poppe also stated in his statement that the next movement of the BTC price could be affected by trading between $30,000 and $46,000 throughout 2022:
“It turned out that we have been trying to break above $44,600 for a long time and now that we are below this range, there will be a downward move this time around the same range.”
*Not investment advice.