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Amsterdam-based popular cryptocurrency analyst Michaël van de Poppe says Bitcoin BTC/USD could trade in a range for a while before rallying to a price of up to $40,000.
“I think the profit price will start to take place around $29,000 and most likely be within $37,000 to $40,000… Now we’ve got the sideways period which can last for a few weeks before you can start running again, this run towards $37,000 to $40,000 is most likely going to take place in Q2, maybe Q3,” Van de Poppe said in a recent YouTube presentation.
He says the $37,000 to $40,000 price level is where most investors and traders with open positions in Bitcoin are likely to close their positions.
Also Read: Crypto Trader Who Warned Bitcoin Would Break Under $30K, Now Predicts New 52-Week Low
In a tweet, he showed a graph saying Bitcoin is still consolidating around the area of interest.
According to the crypto analyst, a sharp trend reversal will occur before the bull cycle begins in earnest. “If we get to $40K, probably we have a very fast black swan type of event dropping toward $18K again, and then we continue the rally.” Van de Poppe said.
He said Bitcoin’s price action during the second half of 2022 appeared to show “solid sideways action,” and that so far in 2023 “corrections are being bought up quite fast, people are eager to get back into the market.”
In early January, Van de Poppe predicted that Bitcoin would plummet if it failed to see buying support above a key price level. “We are probably looking at new lows if the markets will not jump above $16,700. And if you look at the altcoins, it clearly shows the same view,” he said.
At the time of writing, Bitcoin was trading at $21,750, down by 7% in the last seven days. If Van de Poppe’s target of $37,000 is reached, it would be an increase of over 70%.
Photo: Simple FX on flickr
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Image and article originally from www.benzinga.com. Read the original article here.