A popular crypto strategist believes that the next few days will be crucial for the future prospects of Bitcoin (BTC).
Crypto analyst Michaël van de Poppe tells his 657,000 Twitter followers that he’s looking for BTC to retest the 200-week moving average (MA) as support.
According to Van de Poppe, a successful retest of the key technical indicator could suggest that the Bitcoin correction has concluded.
“If you go back in history, the 200-(week) MA retest is a great period to accumulate.
In the past six 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.”
At time of writing, the 200-week moving average is hovering at $26,283.
Van de Poppe also says that a reclaim of a key support level on the lower timeframe may ignite rallies for BTC. Failure to do so could see Bitcoin trading to as low as $26,000 before a bounce can take place.
“Classic choppy pattern on Bitcoin.
Rejects at $27,200 and consolidates, as CME (Chicago Mercantile Exchange) 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.”
At time of writing, Bitcoin is trading for $26,665, down over 2% in the last 24 hours.
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