Popular crypto trader and analyst Michael van de Poppe recently gave an update on Bitcoin’s next price move, telling followers BTC may have hit its bottom for now.
Speaking in a recent YouTube video, Van de Poppe claimed bitcoin had likely hit its relative bottom following last week’s price pullback to $44,000. The crypto trader predicted BTC would bounce above $50,000 in the ensuing rally.
According to the Daily HODL, he said:
This recent low at $44,000 got tested again and we bounced up, which means that we’re probably going to get buy pressure from this entire green zone here. So we might be getting into a temporary low phase in which we construct such a pattern.
Van de Poppe predicted the bounceback would result in a run towards $54,000 in the coming weeks, followed by some stagnation and another price dip. Ultimately, the popular trader said Bitcoin would “continue moving” in a bullish direction in the long-term.
Despite having a positive outlook for BTC, Van de Poppe warned followers support for Bitcoin could breakdown during another price dip, leading BTC to plummet an additional 20 percent.
He explained:
“If we can’t hold this level that we just discussed, we can’t break up, and we can’t hold $45,000, I’m going to look at $37,000 to $40,000.”
The prolific trader was also bullish on Ethereum, but noted its chart looked worse than Bitcoin in the short-term. He said ETH had established a critical resistance zone at $1,500, but could make a push towards $1,700 – $1,800.
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