Analyst Michaël van de Poppe urges buying bitcoin at $28 500

The expert also stated that a new bull cycle has begun in the market

22.06.2023 - 11:30

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3 min

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

What’s new? On June 22, cryptocurrency analyst Michaël van de Poppe posted a tweet with the text “Welcome in the bull cycle!” An hour later, he posted a bitcoin price chart with, in his opinion, the best entry point for a long position on the asset.

#Bitcoin looking at this scenario. I think, $28.500 is a great spot for longing, the lower the better, but I think that's the zone where you want to get it before we'll continue to $40,000. pic.twitter.com/5ZmHWU9qg6 — Michaël van de Poppe (@CryptoMichNL) June 22, 2023

“I think, $28 500 is a great spot for longing, the lower the better, but I think that’s the zone where you want to get it before we’ll continue to $40 000,” the analyst wrote on Twitter.

In April, Van de Poppe predicted the recovery of the bitcoin rate to $29 200 in case of overcoming important levels of $27 800-$28 000.

Over the past week, the rate of the first cryptocurrency has risen above $30 000 for the first time in two months. This was influenced by the news of applications for the launch of bitcoin ETFs by five large funds — Valkyrie, WisdomTree, Invesco, Bitwise, Fidelity, and BlackRock. As of June 22, 10:45 UTC, bitcoin is trading at $30 191 on Binance (+4,59% overnight).

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Earlier, analysts of the Glassnode service called $26 550 a cost-basis for short-term holders of bitcoin. According to them, this mark remains an important baseline indicator in determining the market trend.

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