Crypto Market Outlook 2023: Can Bitcoin Price Hit $30K in March?
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Top cryptocurrency analyst and trader, Michael van de Poppe, has recently updated his Bitcoin price prediction amidst the current market slump. In his latest video update, Poppe discusses the current state of the market and provides some insight into his outlook for Bitcoin in the coming weeks.
Poppe, who has been bullish on the crypto markets since the beginning of the year, had previously projected a relief rally toward $35k-$40k. However, with the recent price drop, Bitcoin is struggling to overcome several crucial resistances.
Rejecting the 200-Week Moving Average: A Key Resistance
Van de Poppe started his analysis by pointing out that the crypto market is currently rejecting the 200-week moving average. This resistance, represented by the blue line on the chart, has been a key level that Bitcoin has struggled to break through.
While this rejection is a cause for concern, the analyst also highlighted a bullish sign on the weekly chart. The Relative Strength Index (RSI) is making a strong bullish divergence, which indicates that Bitcoin may have already hit its bottom.
The Anti-Crash and Market Maturity
Looking back at the recent past, van de Poppe noted that the market took a significant hit when Luna collapsed, sending Bitcoin from $20k to $15.6k. This collapse coincided with the rally of the USD indices, which caused a flip in the correlation between crypto and traditional markets.
Despite the current downturn, the expert believes that the market is maturing, which means that we will likely see similar events in the future. However, he also pointed out that the current valuation of crypto is low, which suggests there is plenty of room for upside gains.
Rallying Toward $40k Despite Macro Events
According to van de Poppe, we are not currently in a recession, which bodes well for the market in the short term. While there may be potential crises on the horizon, such as collapsing real estate and debt markets, the impact of these events will likely take six to twelve months to take effect.
This means that the market still has some relief left, which could push Bitcoin toward $40k. Even in the worst-case scenario, where Bitcoin drops to its range low of $18k, van de Poppe believes that it is still a great investment opportunity.
Filed under: Bitcoin - @ February 26, 2023 1:09 pm