Crypto trader Michaël van de Poppe is expressing bullish sentiment on Bitcoin (BTC) in the coming months despite its recent struggles.
In a new video, Van de Poppe tells his 162,000 YouTube subscribers that Bitcoin is on the cusp of reaching levels that offer accumulation opportunities.
According to the analyst and trader, Bitcoin could subsequently start an uptrend.
“Ultimately, Bitcoin is into an area of consolidation here which makes it very likely that we’re going to have a retest here at $25,600 to $25,800. If we are having a retest in that region, that is the zone where I want to start buying my entries because that re-test is the ultimate retest…
If we’re not going to get that, the flip of $26,500 – that is going to be the area where I think I want to activate my positions as well. And then we can start targeting $28,000, and then we can also start targeting higher numbers, $30,000+ or even more in the projection of Q4 that is going to be very positive overall.”
Van de Poppe says that Bitcoin’s current price action is similar to what was witnessed in a prior pre-halving year.
“As long as we stay above the 200-week EMA (exponential moving average), we most likely are going to continue to the upside. And it starts to be very comparable to the period that we witnessed in 2015 and 2016. In this case, we needed it, but we started to consolidate and start to trend up afterward.
It’s very likely to this period too, slowly but surely, the price starts to crawl up and that we’re going to have a case of the upside in the markets overall.”
Bitcoin is trading at $26,410 at time of writing.
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