​Analyst Michaël van de Poppe calls the condition for the recovery of BTC

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

What’s new? Cryptocurrency analyst Michaël van de Poppe has allowed the possibility of bitcoin to recover from its recent decline. The prediction is based on the fact that BTC is facing negative funding, which “we’ll be having a bounce play soon.” The analyst expects bullish divergences to form in the $26 500-$27 000 area on April 24 — a date he called a “dump day” — and then the rate’s recovery to $29 200.

#Bitcoin clearly rejects the level here, while funding starts to become negative.Meaning that we'll be having a bounce play soon, but from where?I'm expecting a creation of bullish divergences in $26,500-27,000 area (Monday dump day) and then recovery to $29,200. pic.twitter.com/dqj33HPbnz — Michaël van de Poppe (@CryptoMichNL) April 24, 2023

Prediction details. The moment funding turns negative, traders with short positions on BTC pay those who have opened long positions, which usually indicates a change in market sentiment.

Van de Poppet also noted that bitcoin has corrected after filling the price gap on the Chicago Mercantile Exchange (CME) and is returning to resistance for the second time. Should bitcoin break through the $27 800-$28 000 levels in the next few days, the next mark could be $29 200.

Correction as CME gap came in for #Bitcoin. Back towards the resistance, for the second time. If #Bitcoin breaks $27,800-28,000 entirely in the coming few days, acceleration towards $29,200 seems next. Funding negative on $ETH, so a bounce is getting close. pic.twitter.com/ZSxoJReJZI — Michaël van de Poppe (@CryptoMichNL) April 24, 2023

On April 21, Van de Poppe said that bitcoin was showing weakness and could break the critical $27 800 support level. At the same time, 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).

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As of April 24, 13:00 UTC, btc to usdt is trading at $27 441, down by 0,73% in a day, and by 9,4% in a week.

Researchers of the Matrixport crypto platform believe that after halving, the price of bitcoin will exceed $65 600. The reduction of the reward to miners for the mined block is expected in April next year.