Michael van de Poppe for the next few days bitcoin He stated that it would be very critical for the price. The analyst shared his forecast, stating that he expects BTC to retest the 200-week moving average (MA) as support.
According to Van de Poppe, a successful retest of the key technical indicator may indicate the end of the Bitcoin correction.
Looking at historical data, retesting the 200-week MA is a great time to save. Over the past six months, Bitcoin has floated under for a long time, making it the lowest value since its existence. Next week will be the build or break period. Fast break upwards -> it will be the end of the correction.
At the time of writing, Bitcoin is trading at the 200-week moving average level at $26,283.
The analyst noted that gaining a key support level on the tighter time chart could trigger a rally. If this scenario materializes, the price could slide back to $26,000 before a bounce.
Bitcoin is showing a classic choppy pattern. The CME gap is also rejecting and consolidating $27,200 as it is around $26,900. If we want to see some momentum, we need to break $27,200. However, there is a 200-week MA near $26,000-26,500 at the lower levels.
You can follow the current price action here.