Bitcoin

With Bitcoin (<a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) testing <a href="https://finbold.com/guide/support-and-resistance/" rel="noopener noreferrer nofollow">support</a> around $27,000 after trading in the red for the last week, with its price losing 8.76% of its value, cryptocurrency traders and investors are looking for the flagship digital asset’s next move.On April 24, crypto analyst Michaël van de Poppe <a href="https://twitter.com/CryptoMichNL/status/1650407496962523137" rel="noopener noreferrer nofollow">predicted</a> a rebound for Bitcoin, with the cryptocurrency expected to recover to $29,200 in the coming weeks. The prediction comes as BTC has been facing negative funding, which according to the analyst, “we’ll be having a bounce play soon.”When funding becomes negative, it means that traders <a href="https://finbold.com/guide/short-position/" rel="noopener noreferrer nofollow">short</a> on Bitcoin are paying those <a href="https://finbold.com/guide/long-position/" rel="noopener noreferrer nofollow">long</a> on Bitcoin, which typically indicates a shift in market sentiment.Bitcoin’s rejection at current levels has also led van de Poppe to anticipate the creation of ‘<a href="https://finbold.com/guide/bull-market-definition/" rel="noopener noreferrer nofollow">bullish</a> divergences’ in the $26,500- $27,000 area. The trader believes that Monday (April 24) is a “dump day” for Bitcoin; however, he also believes that a recovery to $29,200 could follow, provided that the bullish divergences materialize.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/32e490897faf40a89182faaee31f9d44.jpg" />Bitcoin rebound to $29,200. Source: Michaël van de Poppe<h2 id="header-0">Bitcoin acceleration to $29,200</h2>Moreover, the leading analyst noted that Bitcoin has corrected after the CME gap was filled, pushing the cryptocurrency back towards resistance for the second time. As a result, Bitcoin is now trading in a tight range, with traders closely watching the key levels.According to van de Poppe, if Bitcoin manages to break through the $27,800-$28,000 range in the coming days, it could accelerate towards $29,200. However, Bitcoin’s momentum will depend on its ability to sustain a breakout above the resistance level.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/3a059bce35cf4c9db7ee52866e682e96.PNG" />Despite the uncertainty, van de Poppe’s analysis offers a positive outlook for Bitcoin, which has struggled to maintain momentum in the last week.Bitcoin is presently being traded at $27,309, reflecting a decline of 1.32% in the past 24 hours and a further 8.66% over the previous week. The total market capitalization of BTC stands at $528.5 billion.Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/?utm_source&#61;CMC&amp;utm_medium&#61;social&amp;utm_campaign&#61;CMC&amp;utm_content&#61;long" rel="noopener noreferrer nofollow">Finbold.com</a>.

Crypto expert predicts Bitcoin bounce back to $29,000

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