Reputed cryptocurrency analyst Michaël van de Poppe in his latest YouTube video Bitcoin (BTC) evaluated.
In his previous statements, the analyst said that the $ 18,300 level must be exceeded in order for the Bitcoin price to not fall to around $ 14,000.
In his final analysis, van de Poppe made the following assessments:
“Right now on the BTC chart, $16,900 seems like a critical zone that needs to be overcome. The first resistance point above this could be $17,500.
Considering the FUD wave in recent weeks, it is incredible that the BTC price is still at 16,800 levels.
After breaking the $17,500 resistance, I think the next resistance point could be $17,700. After this level, we can see that altcoins wake up as well.
At the moment, it is important whether there will be a return from the 16,900 level.
On the support side, we saw that around 16,200 was defended.”
Technically speaking, the markets are in a bear market for 19 months already.
especially #altcoinsthose have been collectively crashing since May ’21, despite the $LEFT and $MATIC cycle.
The first HL confirmed on HTF will be a massive trigger for a relief run.
— Michaël van de Poppe (@CryptoMichNL) December 20, 2022
The analyst also made some statements about BTC on Twitter:
I expect Bitcoin to hold at $16.7k to see the uptrend continue.
The situation is good for now.
Some horizontal consolidation could be seen before breaking $17K to continue to $17.5-17.7K.”
For altcoins, the analyst said:
“Technically speaking, the markets have been bearish for 19 months.
Despite the SOL and MATIC cycle, altcoins in particular have been crashing en masse since May 2021.
The first low low in a longer time frame could be a big trigger for relief.”
*Not investment advice.
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