Cryptocurrency analyst and trader Michaël van de Poppe shared his views on Bitcoin's current state and possible future moves in a thread of tweets.
Van de Poppe is the CEO and founder of Eight, a platform that provides crypto education and trading services. He also works as a full time trader on the Amsterdam Stock Exchange.
Michaël van de Poppe Makes Bitcoin Predictions for the Weekend
According to Van de Poppe, Bitcoin is in a "boring situation" as it has been consolidating in a narrow range for weeks. The analyst says that the longer the BTC price stays in this range, the stronger the impetus will be when it explodes. He adds that he expects the uptrend to continue strongly as Bitcoin is still coming from as low as $15,000.
Van de Poppe identifies the $27,600 support level as crucial for Bitcoin to maintain its bullish momentum. He says that if this level is lost, he expects a drop to $25,000-25,400.
However, he also states that he predicts the next move to $30,000 if Bitcoin maintains this level through the NFP (non-farm employment) report, which measures the change in the number of employed people in the US.
After the non-farm employment data, the Bitcoin price experienced a sudden increase, but after the decline it experienced, it returned to the levels before the data was announced. Non-farm employment data came as 236,000, above the expected level of 230,000.
*Not investment advice.