Coin Edition -
- CEO of Eight Global breaks down the reasons for his beliefs of BTC hitting $40K.
- BTC has been on its way up or down, irrespective of the corrections.
- Poppe predicts BTC to hit $35K-$40K within the next three to six months.
Chief Executive Officer and Founder of Eight Global Micheal van de Poppe shared a video on his YouTube channel that supplements his belief of BTC reaching $40K in the coming months. In the video, he breaks down and elaborates on the nitty-gritty of BTC’s behavior.
#Bitcoin to $40K, can we see it happen in the coming months?Check the update here:https://t.co/5hYFBBewXy pic.twitter.com/XshEUvm7x4— Michaël van de Poppe (@CryptoMichNL) February 20, 2023
The CEO made a discrete revelation about the fluctuation of BTC. In particular, he takes into consideration how BTC, irrespective of whether it was moving up or down, continued its trend even after shallow correction, as shown in the chart below. Furthermore, as BTC is currently on an upward trend, he predicts that despite the correction, BTC could still keep on moving upwards.
BTC/USDT 1-day Trading Chart (Source: TradingView)
Moreover, Poppe expects a correction at $22K which will offer an entry point for buyers to step in. If there is to be a correction, Poppe states that BTC will follow the pattern that it followed in the time-lapse of April-May in 2020. Additionally, he predicted that if BTC was to break the $25K resistance level, then it would shoot up to $31K, where it would consolidate for a short time as people would be shorting.
Thereafter, Poppe expects BTC to hit something around $35K-$40K within the next three to six months before topping and having a heavy correction.
When considering the chart below, it could be noted that the Bollinger bands are widening, which indicates that there could be more volatility in the future. This thesis is also reflected by the RSI indicator which is making lower highs while BTC is making higher highs. Hence, day traders and scalpers may need to pay attention to price fluctuation in the near future to leverage profits.
BTC/USDT 1-Day Trading Chart (Source: TradingView)
As Poppe stated that those shorting the asset might earn some profit while those going long could earn more profits, so it may be a good idea for short traders to consider going long. For those trying to enter the market, Poppe’s impending correction at $22K should present a good entry if there was to be a correction.
It would be interesting to see how BTC if it breaks the $25K resistance 1, will reach resistance 2. Will it take three to six months to reach it as predicted by Poppe, or will BTC rise exponentially in no time? Or will the bears plummet BTC?
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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