Crypto trading expert identifies crucial level for bullish Bitcoin price reversal
Given the recent bearish trade in Bitcoin (BTC) as well as most of the cryptocurrency market, crypto investors and traders are watching the market closely for signs of significant levels as the flagship digital asset could break through to ensure a bullish continuation.
According to prominent crypto trading expert Michaël van de Poppe, there are two scenarios that could send the price of Bitcoin higher – the price breaking through the $39,300 level and the weakening of the US Dollar Index ( DXY) reaching its maximum.
In a video on his YouTube channel, posted on April 27, Poppe said that:
“Bitcoin’s price action at this point is very similar to previous reaccumulation phases, especially when combining the current accumulation or sideways mindset and it gets quite long because it’s been four months already.”
Given this action, current ATLs and DXY approaching key levels with its previous highs, he believes the next move will be up and the breakout is likely to be large.
Reverse the $39,000 level
As Poppe explains:
“Right now we’re actually rejecting in the area that we need to correct if we want to see any serious momentum. There’s a whole level at around $39,300 that needs to tip for support and could be a trigger for longs. generally.
Additionally, the analyst said that Bitcoin needs to clear the $42,000 resistance level before it can hit $50,000 first and then around $57,000 after that.
However, if the markets are “really ready to attack,” he thinks $30,000 could be the ultimate low for the market. Looking at the price action itself, he added, the $37,000 level is also important “and below that is just done at this point.”
Finally, Poppe concluded that:
“If we sweep the lows and reclaim $37,000 or break $39,300 and the DXY starts to reverse, I think Bitcoin will find some serious run.”
Bitcoin adopted as legal tender in CAR
Meanwhile, the Central African Republic (CAR) has joined El Salvador on the list of countries officially adopting Bitcoin as legal tender, after passing a bill regulating cryptocurrencies on April 21, as reported by Finbold.
Whether or not this major news pushes the price of Bitcoin towards the level that the crypto analyst considers critical for upward progression remains to be seen.
Warning: The content of this site should not be considered investment advice. The investment is speculative. When you invest, your capital is at risk.
Watch the full video here: