Bitcoin Live Price: Top Analyst Reveals BTC Price Action For The Upcoming Weeks
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Bitcoin, the world’s leading cryptocurrency, is facing a critical period that could shape its future trajectory, according to a prominent crypto strategist.
As the market eagerly watches, Michaël van de Poppe predicts that the next few days will be pivotal for Bitcoin’s prospects, with a particular focus on the retest of the 200-week moving average (MA) as a key technical indicator.
A Bullish Trend Reversal
Van de Poppe suggests that a successful retest of the 200-week MA could indicate the conclusion of the Bitcoin correction. Historical data supports the notion that this phrase often presents an excellent opportunity for accumulation. After spending an extended period below the moving average, Bitcoin is currently deemed undervalued, making this retest even more significant. The outcome of this retest is likely to have a profound impact on the market sentiment.
Consolidation Phase
The upcoming week holds a make-or-break moment for Bitcoin, as the analyst points out. A fast breakout to the upside would signal the end of the correction phase. Currently hovering around $26,283, the 200-week moving average will act as a crucial support level. A successful bounce off this level could ignite positive momentum and renew investor confidence.
If you go back in history, the 200-MA retest is a great period to accumulate.
In the past 6 months, #Bitcoin has been swimming beneath for a long period, making it the most undervalued since existence.
Next week is make-or-break. Fast breakout upwards -> end of correction. pic.twitter.com/LCVyLiBm8i
— Michaël van de Poppe (@CryptoMichNL) May 20, 2023
Key support levels to watch
The analyst highlights the importance of reclaiming a key support level at $27,200 in the lower timeframe, which could potentially trigger Bitcoin’s rallies. While failure to do so may lead to further downside movement, with a possible drop to $26,000 before a bounce occurs. The presence of a CME (Chicago Mercantile Exchange) gap at $26,900 adds to the significance of this support level.
Classic choppy pattern on #Bitcoin.
Rejects at $27,200 and consolidates, as CME gap is also around $26,900.#Bitcoin needs to break and flip $27,200 if we want to see any sustained momentum.
Beneath us, at around $26,000-26,500 -> 200-Week MA. pic.twitter.com/4rvuHLyjxe
— Michaël van de Poppe (@CryptoMichNL) May 21, 2023
As of now, Bitcoin price is at $26,665, experiencing a decline of over 2% in the past 24 hours. The price action in the coming days will be closely monitored, with market participants eagerly awaiting a decisive move that could shape Bitcoin’s short-term trajectory.
Will Bitcoin bounce back or succumb to further decline? The countdown begins- hold your breath!
Filed under: Bitcoin - @ May 22, 2023 10:24 am