Oone of the most popular crypto analysts and traders has come up with an analysis for Bitcoin (BTC) along with some advice for his traders.
The analyst, michael van de pop michael van de pop Founder and CEO of eight globally Eight Global is led by Michael van de Poppe, the company’s founder and CEO. He is a cryptocurrency trader working at the Amsterdam Stock Exchange and is passionate about the role of blockchain in the current financial system. He is also a writer at Cointelegraph covering all things fintech, blockchain and bitcoin, providing the latest news, prices and analysis on the future of money. Previously, he served as a technical analyst at TradingView, where he was responsible for creating technical analyzes via the TradingView platform and distributing these through virtual social media, including Twitter and YouTube. He was the author of CryptoBenelux, writing articles based on technical analysis and market insights, especially on Bitcoin. ContractorCEOEntrepreneurMarket analyst Followers: 0 Show profile asking his 627,700 fan base over Twitter to start bitcoin org bitcoin org Organizer of eventsTechnologyPayment solution Followers: 0 Show profile accumulation until 2023.
While traders are waiting for Bitcoin to either boom or bust, the analyst believes that nothing can be said now as the overall market condition is not good. However, he is asking everyone to hoard BTC until 2023.
Bitcoin price to maintain above $19k
At the time of reporting, Bitcoin is trading at $19,399 with a gain of 3.45% in the last 24 hours. Now that the King currency has regained the $19,000 level, Van de Poppe argues that the currency should maintain this level to see a bull run.
He claims that Bitcoin’s price action is quite confusing with the FOMC event and even he is not sure which direction the currency is moving. However, he claims that we will soon see a correct direction, but for that, BTC should maintain its price action above the $19,000 area.
Furthermore, the strategist says that instead of waiting for a price drop to $12,000 or $14,000, he will choose to go long on Bitcoin (BTC) and other cryptocurrencies.
Finally, he talks about the latest 75 bps interest rate hike and cites that the crypto market is flashing a positive signal, especially the US Dollar Index (DXY) which is currently falling.
Basically, DXY is an indicator that shows the strength of the US dollar, so if DXY falls, it is a positive sign for Bitcoin.
Van de Poppe refers to DXY chart and claims bearish divergence for DXY.