​Analyst Michaël van de Poppe calls the condition for bitcoin’s return to growth

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

What’s new? On March 1, crypto analyst Michaël van de Poppe called the $23 800 mark the key price zone for bitcoin growth. According to him, the first cryptocurrency must break through this level to continue the bullish movement. As of March 3, 11:10 UTC, BTC is trading at $22 362, down by 4,35% in 24 hours, according to Binance.

The area at $23.8K remains to be a crucial breaker for the markets to continue the upwards momentum.#Bitcoin needs to break it for continuation. pic.twitter.com/sqRObCVPAG — Michaël van de Poppe (@CryptoMichNL) March 1, 2023

What other predictions did the analyst make? On March 2, Van de Poppe noted that since bitcoin has failed to break through resistance, altcoins are starting to fall hard. The analyst suggested that if BTC fails to hold at $23 200, it will test the $22 500 mark before continuing to rise.

Waiting game for #Bitcoin. Couldn't break through resistance and #altcoins start to drop hard.If #Bitcoin doesn't hold $23.2K, I'm assuming we'll test mid $22K before going anything up. pic.twitter.com/5ixBMCiutE — Michaël van de Poppe (@CryptoMichNL) March 2, 2023

Van de Poppe also warned that if the first cryptocurrency continues on its current downward trajectory, dropping by 1,62% for the day, it will negatively impact assets such as the native token of the Chainlink (LINK) decentralized oracle network. According to the trader, a return to higher levels will activate a new rally.

Scenario I'd be looking at if we have a sweep of #bitcoin to $22.5K and markets puke some more, then $LINK will also sweep the lows.Reclaim = activation. pic.twitter.com/fOym6jBlVA — Michaël van de Poppe (@CryptoMichNL) March 2, 2023

In addition, the analyst commented on the possible bankruptcy of crypto bank Silvergate, saying that if that happens, the quotations of digital assets will drop a bit more. Van de Poppe suggested that it may be time to squeeze short positions in the crypto market.

Silvergate potentially going bankrupt, pushing prices down a bit more. On the other hand; people piling into positions since the news and no real movement on #Bitcoin.This might be an assumption people are heavily skewed to the short side here. Time for a squeeze. — Michaël van de Poppe (@CryptoMichNL) March 2, 2023

In early February, the US Justice Department began examining Silvergate’s dealings with the bankrupt FTX exchange and its affiliated hedge fund, Alameda Research.

In late December, Van de Poppe said that LINK had three times the growth potential in 2023. In January, he noted that the token of the Polygon Network (MATIC) is poised to grow in value by 60%. In February, the trader suggested that because of short positions in BTC, it is possible to overcome the level of $23 200 and move to $26 000-$28 000.