Analyst Michaël van de Poppe calls a condition for further bitcoin decline

This will happen if the rate of the asset does not break through to the $28 800 mark

21.04.2023 - 11:30

354

3 min

The material is not an investment recommendation and is published for information purposes only.

What’s new? On April 21, cryptocurrency analyst Michaël van de Poppe noted on his Twitter account that bitcoin is showing weakness. According to him, there is a correction of the asset to the critical support level of $27 800, which may also be broken by the end of May. In case there will be no breakthrough to the level of $28 800, the expert expects the value of BTC to decrease to $26 200.

#Bitcoin is currently showing weakness. Broke back in the range, lost one of the crucial levels.Final crucial level is at $27,600. Could take liquidity beneath, but needs a fast recovery. If not, and no break of $28,800, then I suspect we'll see $26,200. pic.twitter.com/TuCaFq8eIk— Michaël van de Poppe (@CryptoMichNL) April 21, 2023

Analyst’s other predictions. On April 16, Van de Poppe reported that he expects the bitcoin rate to rise to $38 000-$40 000. In the long term, the asset could resume its uptrend if it reaches $29 800.

On April 6, the analyst predicted the growth of the rate of BTC to $50 000 in the coming months. He pointed out that the crypto market capitalization is above the 200-week exponential moving average (EMA) and the 200-week moving average (MA).

Moving Average is one of the most commonly used types of technical indicators, showing the average value of an asset’s price for a certain time period. When calculating EMA, in contrast to the simple MA, more recent data have more weight.

As of 11:25 UTC, bitcoin is trading at $28 005 on Binance, having lost 2,6% in a day and 7,9% in a week, according to aggregator CoinGecko. BTC has a 43,99% market share and a market capitalization of $541,65 billion.

Wallet inactive for 9 years transfers $60,7 million worth of bitcoins