The leading cryptocurrency Bitcoin experienced sudden and sharp drops last week. However, BTC started the new week with a rise after the declines.
While investors are waiting for higher levels in Bitcoin, which is traded at $ 27,280 at the time of writing, well-known crypto money analyst Michael Van de Poppe evaluated the recent increase.
Stating that there are strong movements in BTC, Poppe said that the recent price increase increased the expectation of the next rally in Bitcoin above $ 36,000.
“As Bitcoin sweeps all the bottoms with its latest move, it shows strong moves and goes back to $27,200.
The patience point in Bitcoin is to flip $27,200 and is the first serious trigger for BTC to continue upwards.
In this case, Bitcoin seems to be near the bottom. Potentially new highs of up to $36,000-42,000 in BTC still seem possible.”
Strong movements on #Bitcoin as it swept all the lows in recent moves and grinds back up to $27.2K.
Patience, as flipping $27.2K is the first serious trigger for continuation upwards.
In that case, close to a temporary bottom & potentially new highs to $36-42K still possible. pic.twitter.com/bxhMYXopUP
— Michaël van de Poppe (@CryptoMichNL) May 14, 2023
In addition to this post, Poppe stated that he thinks that if the rise in Bitcoin becomes the weekend hype, BTC will retest $ 26,400 before rising again.
According to Poppe, BTC looks set to rise, but the $27,200 level remains the key point for bullishness.
*Not investment advice.