The cryptocurrency market is experiencing a period of low volatility and consolidation, but one analyst believes Bitcoin could soon break out of its current range and reach new highs.
Michaël van de Poppe, a renowned crypto trader and analyst, shared his views on Bitcoin price in a series of tweets on Tuesday.
Van de Poppe: "Critical Level For Bitcoin: $27,900"
He said that Bitcoin is still consolidating between certain levels and the retest of $27,900 was successful. He argued that the key area to break is $28,400, which will lead to a continuation of the rise towards $30,000.
Van de Poppe also informed his followers about the recent price movements of Bitcoin, saying that it bounced from $ 27,900 and continued its uptrend.
He added that he expects a test at $28,650 soon and Bitcoin must stay above $27,700-$27,900 to maintain its momentum. He also stated that the low has cleared in Bitcoin and he expects an upward move as long as $27,900 is held.
Bitcoin price is trading around $28,300, up 1.5% in the last 24 hours at the time of this writing.
*Not investment advice.
