Popular cryptocurrency analyst Michael van de Poppe bitcoin that the price may reach a new local peak in 2023. believes.
Michael van de Poppe stated that BTC managed to hold both the 200-week moving average (MA) and the 200-week exponential moving average (EMA) as support. Investors follow these moving averages closely as they tend to indicate the long-term trend of an asset.
According to Van de Poppe, Bitcoin looks set to hit a new $40,000 annual high before witnessing a major correction.
Bitcoin has made a big signal on the weekly chart. The 200-week MA and EMA both did pretty well. In addition, another higher low has been recorded, so we will be looking at a higher high in the coming period. Raw lines, but expect us to rise significantly before a new correction.
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While Van de Poppe is bullish on Bitcoin’s mid-term prospects, he also underlined that the crypto asset may see a slight drop before it starts its next rise.
Bitcoin is moving strongly as we are still moving above $30,000. I’m patiently waiting for the triggers right now. The rejection of $31,000 could be a signal that we will experience more consolidation here. In that case, sweeping $29,000 (or $28,000) will be my long-term game.
You can follow the current price action here.