Widely followed crypto analyst Michaël van de Poppe thinks there will be a breakout in Bitcoin (BTC) price. So what’s the direction?
Crypto trader Michaël van de Poppe says a break in the current trading zone will be “relatively soon.” stated. The analyst added that BTC is on the verge of a recovery and two critical factors will likely trigger the price.
“The breakout for Bitcoin is coming relatively soon, and if we combine that with fundamental analysis, we can clearly assume that;
– Unemployment applications
– PCE [kişisel tüketim harcaması] inflation
They will be triggers. If inflation slows or jobless claims are good, the Fed may be slowing policy.”
Van de Poppe also presents a scenario for how Bitcoin might move in the coming months.
“Plan with Bitcoin.”
The plan on #Bitcoin. pic.twitter.com/JyTEZlKmwH
— Michaël van de Poppe (@CryptoMichNL) May 25, 2022
Van de Poppe, who also examines Ethereum (ETH) rival Phantom (FTM), says the layer-1 blockchain is ready for long positions.
“Phantom played well.
It is no longer a bad place for long positions.”
The crypto trader then evaluated Ethereum, which he says must surpass $1,940 to continue the upward move.
“Ethereum has moved into the lower range. The question will be whether we can bounce back from here and break the $1,940 level. If that happens, I’m assuming we continue to $2,050. If not, markets will likely expect $1,800 below.”
Finally, Van de Poppe also evaluated the altcoin markets as a whole, which he saw falling rapidly.
“There is a general weakness in the markets as altcoins have fallen heavily. As long as the general sentiment does not change, this will likely continue in the coming period. In this case, the focus should be on dollar trading pairs until BTC dominance is around 50-52%.”
You can check the price movements here.
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.