The specialist calls to consider the external factors that can affect the price of BTC. BTC could find that new level of support, just in case a correction occurs.
Bitcoin (BTC) is about to break above $ 51,000 again. But the digital currency first has to break through the stiff resistance it has gone through recently at the $ 48,000 and $ 49,000, respectively.
Van de Poppe stated in a set of recommendations made in a YouTube video that those who want to buy BTC have to focus on the current resistance area registered by the pioneering cryptocurrency in the market, as well as its support levels.
According to Poppe, for Bitcoin to return to a bullish path, it needs to recoup its recent losses. This recovery must get effective after seeing that the asset, when trading over USD 47,000, has a base of USD 46,000, which, in his opinion, is “solid” to make way for recoveries that may take it, as a few months ago, closer to $ 70,000 or more.
Also, van de Poppe aims at another resistance level, above $ 49,000. It infers that BTC has to pass that point to, in that way, start to see high prices.
Corrections Are also a Possibility
Van de Poppe also spoke about the price corrections. These corrections are likely would be about to happen soon. However, if it takes effect, BTC could find a new level of support, above $ 41,000 and $ 42,000. According to the analyst, bitcoin can lose the current support, which is above $ 46,700, in his estimates.
But not all is lost. According to Poppe, if BTC crumbles down to that price, it could be a growth opportunity, thus affecting the liquidity while opening room for a proper bounce. However, Poppe clarifies that it is not the scenario for bitcoin. However, there is a slight possibility of considering external influences, which could generate red numbers in the price of the leading cryptocurrency.
Price of BTC, in Rises and Falls
Bitcoin showed a mixed performance and has danced between USD 46,000 and USD 50,000. Last week, some reports highlighted the price of BTC had crumbled down at least 32% from its all-time high of $ 68,600.
Previously in 2021, this setback became the largest setback seen since the fall in mid-April, which was 54%, when the price reached USD 29,400 on July 21, after the Chinese onslaught against Bitcoin.
2021 did not close as estimated. The popular analyst Plan B predicted that BTC was about to get priced at $ 100,000, based on its Stock-To-Flow predictive model, which failed for the first time in nine years.
Due to all these events, and in this year that begins, Michael van de Poppe alerts investors to be attentive to factors that impact the price of the cryptocurrency, such as the policies of the United States Federal Reserve (Fed ) and market regulations in Europe.
By: Jenson Nuñez
