Cryptocurrency analyst and trader Michaël van de Poppe shared his views on the current status and future prospects of Bitcoin and some altcoins in a series of tweets.
Van de Poppe commented on the recent move of Bitcoin, which has rebounded after some banks in the US stopped their services due to regulatory issues. He said it was a short squeeze, meaning that traders who invested on Bitcoin's decline had to retrace their positions to avoid losses and push the price higher.
Van de Poppe argued that the most critical level for BTC in the current situation is $ 29,000.
— Michaël van de Poppe (@CryptoMichNL) May 2, 2023
Van de Poppe said before the Federal Open Market Committee (FOMC) meeting on Wednesday, he is confident that if Bitcoin hits $29,200, there will be an upside break afterwards.
As for altcoins, Van de Poppe said they are performing "ultra badly" and the market is not suitable for them at the moment. He said that altcoins will start to show strength once confidence builds in the market, which he expects to happen in a month or two after Bitcoin breaks $30,000.
In addition, the analyst explained that he does not believe the bullish streak in BTC is over, expecting a peak between $38,000 and $42,000 locally.
*Not investment advice.