Bitcoin, the world's largest cryptocurrency, is facing a critical moment as it struggles to stay above $28,000.
According to a tweet by cryptocurrency analyst Michaël van de Poppe, Bitcoin could either exceed $28,400 and reach $30,000 in a few days, or fail to do so and fall to $25,000 in the coming days. He also warned that there will be a big fluctuation on the horizon.
In a tweet that followed, van de Poppe wrote:
“Bitcoin has made a slight bounce from the desired range, but nothing special. A big week with the news coming this week, it will probably push the markets to the left and right. The $27,800 and $28,300 levels are critical.”
Van de Poppe is a well-known trader and analyst who regularly shares his views on the crypto market. He has more than 500,000 followers on Twitter and runs a YouTube channel with over 150,000 subscribers.
In addition, Van de Poppe based the correction in the BTC price on the FOMC meeting that will take place this week. According to the analyst, this type of decline can traditionally occur in the BTC price before interest rate decisions.
The Fed is expected to raise interest rates by 25 basis points on Wednesday.
*Not investment advice.