For bitcoin to return to the bullish path it has to recoup its losses, says expert

Key facts:
  • The specialist calls to take into account the external factors that can affect the price of BTC.

  • BTC could find a new level of support, around USD 41 thousand and USD 42 thousand, if it corrects its pr

Bitcoin (BTC) is likely to break above $ 51,000 again. But, to achieve this, it first has to break through the stiff resistance that it has encountered in recent days in the area of ​​USD 48 thousand and USD 49 thousand, respectively. This according to the Dutch specialist and trader, Michael van de Poppe.

In recommendations to other investors made in a YouTube video, van de Poppe he claimed that those who want to buy BTC, they have to focus on the current resistance area registered by the market pioneer cryptocurrency, as well as its support levels.

According to Poppe, for Bitcoin to return to a bullish path, it first has to recoup its recent losses. This, after recognizing that the asset, when trading over USD 47,000, It has a base of USD 46,000, which, in its opinion, is “solid” to make way for recoveries that can take it, like a few months ago, at about $ 70,000 or more.

We are still posting lower lows. And to really break out of this build, we have to break above $ 51,000, as that’s the range resistance. So if we break out and flip that level only in a high time frame, that is the final confirmation that we are reversing the trend and that we are looking for the run to occur.

Michael van de Poppe, cryptocurrency analyst and trader.

Also, van de Poppe is pointing to another resistance level, above $ 49,000. It infers that BTC has to pass that point to, in that way, start to see really high prices.

Bitcoin price movements, according to a graph shared by Michael van de Poppe / Source: Michael van de Poppe.

Corrections, also probable

Van de Poppe also touched on the price corrections. They are likely, from your point of view. However, if it happens, BTC could find a new level of support, about USD 41 thousand and USD 42 thousand.

This, according to the analyst, is very possible if bitcoin falls back in price and loses current support, which is about $ 46,700, in their estimates.

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But not all is lost. For Poppe, if BTC falls to that price, could be an opportunity for later growth, as it will affect liquidity, while opening room for an adequate rebound.

But, Poppe clarifies, right now it is not the scenario that is lived for bitcoin. However, “there is the possibility of taking into account external influences”, which could generate red numbers in the price of the leading cryptocurrency.

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The price of bitcoin has traded higher this Tuesday, but it comes in the red / Source: CoinMarketCap.

Price of BTC, in rises and falls

As we have reported in CriptoNoticias, bitcoin has had a mixed performance and has ranged between USD 46 thousand and USD 50 thousand. Last week, for example, we reviewed that the price of BTC had fallen 32% from its all-time high of $ 68,600.

In the year 2021 just ended, this setback was the largest since the fall in mid-April, which was 54%, when the price reached USD 29,400 on July 21, after the Chinese onslaught against Bitcoin.

In fact, 2021 did not close as estimated. The famous analyst Plan B predicted that BTC was going to be priced at $ 100,000, based on its Stock-To-Flow predictive model, that failed for the first time in nine years.

For all this, and in this year that begins, Michael van de Poppe alerts investors to be attentive to factors that impact the price of the cryptocurrencySuch as the policies of the United States Federal Reserve (Fed) and market regulations in Europe.

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For bitcoin to return to the bullish path it has to recoup its losses, says expert

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