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.
Read Also: Bitcoin (BTC) Analyst: Recent Dip Absorbs Lows, Expects More Sideways Action
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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