The prominent crypto trader is making predictions about Bitcoin’s key short-term support and resistance levels. Cryptocurrency expert Michael van de Poppe noted that as the largest cryptocurrency tries to find a rally above $50,000, investors looking to buy Bitcoin should focus on the asset’s current resistance and support levels. Detail cryptocoin.com‘in.
Near-term levels for Bitcoin
In a YouTube video, analyst Poppe pointed out that the key aspect and dynamic of Bitcoin’s bullish momentum launch is to retrace its recent losses. As BTC is trading just above the $47,000 level with a support base of $46,000, Poppe suggested that the asset has a solid foundation to retrace losses. However, Poppe believes that despite having support, Bitcoin is still stuck in a lower transaction trajectory. The famous analyst said:
We’re still making lower dips. And to truly break out of this structure, we need to break above the range resistance of $51,000. So if we break and change this level only on a high time frame, this is the ultimate confirmation that we have reversed the trend and want the run to happen.
It should break 48 and 49 thousand before 51 thousand
He stated that before it surpasses $51,000, Bitcoin must surpass the $48,000 and $49,000 resistance levels. Poppe described the two transaction points as a critical trigger for Bitcoin’s momentum, arguing that emerging from the block is key to Bitcoin’s next bullish move. On the other hand, the trader thinks that Bitcoin could still correct and find a support level between $41.00 and $42,000. He believes it is open to more corrections if Bitcoin loses the $46,700 support level. Interestingly, Poppe suggests that if Bitcoin corrects to this level, it could be beneficial as it will impact liquidity while offering room for an excellent return. He stated that there is no such price movement at the moment, but it is a possibility, taking into account the external effects.
Bitcoin has experienced high volatility in the past month, and Poppe notes that investors should pay attention to factors such as the impact of the Fed’s contraction policies. At the time of writing, Bitcoin was trading at $47,100, and as we previously reported, the CoinMarketCap crypto community estimates the asset will be worth around $52,600 by the end of January.
Additionally, with a 90.75% success rate, the community believes that the Bitcoin price will remain stagnant until February. They expect the asset to correct to $51,560 by the end of next month.
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