Cryptocurrency analyst and experienced trader, Michaël van de Poppe, is sharing an optimistic outlook on the leading digital currency, Bitcoin (BTC).
With a subscriber base of 162,000 on YouTube, Van de Poppe highlights a significant potential surge for Bitcoin using the Fibonacci extension tool. According to his analysis, Bitcoin has the potential to experience a remarkable increase of over 30% from its current levels, reaching a new high for 2023 of up to $41,000.
To sustain the ongoing upward trend, typically associated with a bullish cycle, Van de Poppe emphasizes the importance of establishing a fresh higher high. He suggests utilizing the Fibonacci extension tool based on the previous corrective move to define these higher levels.
Considering these factors, Van de Poppe anticipates a potential rally towards the $41,000 mark.
Regarding Bitcoin’s future trajectory after recently reaching a new high for 2023, Van de Poppe presents two possible scenarios. The first scenario involves surpassing both previous highs around $31,500, followed by a temporary retracement and consolidation phase before resuming the upward momentum. The second scenario suggests a consolidation period followed by a rapid acceleration in the coming months, leading to a standard rally in Bitcoin’s price action. Eventually, Bitcoin would approach the price range where previous highs were established, making it highly probable to surpass the peak around $42,500.
By providing these insights, Van de Poppe offers valuable perspectives on Bitcoin’s potential movements and provides a comprehensive analysis of the market situation.
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