Bitcoin, the world's largest cryptocurrency, is trading at $27,392 at the time of writing this article and is preparing for a significant upward trend, according to the famous cryptocurrency analyst Michaël van de Poppe.
Although altcoins are facing a pullback, Bitcoin has managed to maintain a significant support level, according to the analyst.
Van de Poppe suggests that if Bitcoin rises above $28,000, the path to $35,000-40,000 can be opened. The analyst argues that a bull rally may begin in this scenario.
According to the analyst, the ongoing war between Israel and Palestine has led to weakness in bond yields and the dollar. However, Van de Poppe thinks a positive figure from the Consumer Price Index (CPI) could provide much-needed help. CPI in the USA will be announced on Thursday at 15:30 Turkey time (UTC+3).
The analyst thinks that $27,100 and $27,300 could act as a bottom before the rise. However, he states that if this region is lost, the $ 26,300 level can be targeted.
The analyst thinks that the last quarter of 2023 will be an upward quarter.
*This is not investment advice.
