§ Bullet Points:
• Michael van de Poppe has predicted an imminent surge for Bitcoin, expecting it to reach $40,000 by June 2023.
• Technical analysis suggest rising selling pressure, with a potential low of $22,050 in the near future.
• The 50-day exponential moving average suggests that Bitcoin may face resistance near $23,250.
Michael van de Poppe Predicts Bitcoin Surge
Cryptocurrency expert Michael van de Poppe has predicted an imminent massive surge for Bitcoin, expecting it to reach $40,000 by June 2023. Currently trading above a crucial level and with increased trading activity signaling a growing momentum in favor of bulls, the leading cryptocurrency may experience a dramatic rise if it breaks through the resistance level of $23,200. Van de Poppe also acknowledges the potential for a drop to extract liquidity but believes this could provide a favorable buying opportunity.
Market Capitalization & Trading Volume
Bitcoin currently has a market capitalization of $438.2 billion and trading volume of $40.7 billion over the past 24 hours; however its value has decreased by 2%. In order to maintain its position as the number one cryptocurrency its price will need to remain above its current level or else it could experience further decline towards the estimated target of $22,100; which is supported by an ascending trendline.
Technical analysis reveals rising selling pressure due to indicators such as RSI and MACD potentially leading to a new low of $22,050 in the near future. Meanwhile the 50-day exponential moving average suggests that Bitcoin may face resistance near $23,250 before any further increase in value can be seen.
Potential Resistance Level
Breaking through the current resistance level at $23,200 would drive Bitcoin prices towards next immediate resistance level at $25,000 according to Van de Poppe’s prediction though he notes that extracting liquidity from any pullback is expected too.
At this moment it remains unclear which direction Bitcoin’s price will take though Van de Poppe’s prediction provides some insight into what we might expect in terms of growth over coming months and years ahead. With increased trading activity indicating increasing bullish sentiment and technical analysis revealing rising selling pressure there are still many factors at play influencing how far Bitcoin can go up or down from here on out.