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- A break above $27,200 would see Bitcoin’s price rally toward $29,000.
- ETH has been trading around $1,800 for almost two weeks, resisting a push to lower levels.
- Michael van der Poppe thinks this year’s crypto market behavior is boring.
Bitcoin is trading between a horizontal channel. However, a break above $27,200 would see the flagship crypto rally toward $29,000 and potentially new highs, according to cryptocurrency trader Michael van de Poppe.
#Bitcoin still stuck in between, while #Ethereum shows more strength. If #Bitcoin breaks $27,200, it's likely to continue running to $29,000 and potentially new highs. Until then, we remain flat. pic.twitter.com/AHoQ5ceyQz— Michaël van de Poppe (@CryptoMichNL) May 22, 2023
While Bitcoin’s price maintains a sideways movement, Van de Poppe thinks that its major rival, Ethereum, is showing more strength. ETH has resisted a push to lower levels from its current price, trading around $1,800 for almost two weeks.
Van der Poppe’s recent analysis follows an earlier Twitter post describing this year’s crypto market behavior to be boring. According to Van de Poppe, despite being a year for preparing for the next bull cycle, the market does not show any price acceleration, and there is no organic growth.
The analyst told followers that the current market situation provides the opportunity for self-preparation ahead of the bull cycle. According to the analyst, there won’t be time or preparation once the bull market begins.
Historical trends suggest there could be a Bitcoin rally any moment from now. Considering how close we are to another Bitcoin halving, there is a predominant sentiment that the Bitcoin market will enter a bull cycle soon.
Users believe the earlier rally at the beginning of the year to have pulled Bitcoin and other cryptocurrencies out of the bear market. With the generated momentum and the timing of the next Bitcoin halving, users expect the market to become more volatile. Some users think there would be an altcoins bull run before the anticipated Bitcoin rally, as is often the case.
With an altcoin rally in view, Van der Poppe informed his followers he would analyze CCD, AVAX, LINK, PEPE, and VRA. Respondents under his tweet appeared impressed with the plan and looked forward to the analyses.
The post “BTC Will Reach Above $29K If It Breaks $27.2K,” van de Poppe appeared first on Coin Edition.