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
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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.
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