Analyst Michaël van de Poppe calls the condition for the growth of BTC to $28 000

According to the expert, the rally of the first cryptocurrency can be provided by traders opening short positions

08.02.2023 - 11:00

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3 min

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

Popular crypto strategist Michaël van de Poppe believes that Bitcoin (BTC) is gearing up for a burst to the upside as it now trades above a key level.

Van de Poppe tells his 647,300 Twitter followers that traders who are betting against the king crypto may provide the necessary fuel for a rally toward his target of $28,000.

“People properly eagerly start to short, so cracking $23,200 is inevitably continuation towards $26,000-$28,000 on the charts.”

At time of writing, Bitcoin is trading for $23,267, above Van de Poppe’s resistance area.

While the analyst says he’s still looking for a correction toward $21,700, he acknowledges that Bitcoin trading activity is on the up, suggesting that momentum is on the side of BTC bulls.

“Bitcoin still eagerly holding the levels of the range low.

I’m still favoring a sweep of $21,700 as the most optimal long entry, but people are so hyped to get in the markets that most likely we won’t get it.

In that regard, continuation to $26,000-$28,000 seems likely.”

Fellow crypto strategist Pentoshi also shares the same view on Bitcoin. The analyst, who correctly called the end of BTC’s bull market in 2021, says a move above $23,300 will likely propel Bitcoin to $25,000.