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

Table of Contents

Finbold

Andre artikler udgivet 24. apr. 2023

Bitcoin (BTC) Enters Below $28K; Should Investors Worry?

Mercy Corps Ventures and Polygon Labs Partner to Empower Underserved Communities

Announcing Launch of the First Pioneers on Polygon Supernets

KuCoin Twitter Account Briefly Compromised, Attacker Walks Away $22,000 Richer

100 Days Left Until Litecoin’s Third Halving: What Do You Need to Know?

Investors Fighting to Invest in HedgeUp (HDUP) for Predicted 100x Rise Pushing Cardano (ADA) and ...

Join our free newsletter for daily crypto updates!