Bitcoin (BTC) Price May Fall to $9,050, but Doesn't Look Bad: Analyst Michael van de Poppe

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Sun, 06/14/2020 - 15:04
Vladislav Sopov
The last half of June 2020 has witnessed two Bitcoin (BTC) drops, resulting in a combined decline of 12.2%. Even that fact failed to change the overall bullish sentiment.
Cover image via www.instagram.com
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Dutch cryptocurrency analyst and trader Michael van de Poppe shared his views on the price level that Bitcoin (BTC) may revisit before further solid growth.

No Worries Until $9,050

Mr. van de Poppe shared his latest update on Bitcoin's price chart. He indicated two crucial levels of support that will prevent it from tumbling down.

Image via Twitter

He assumes that the price of Bitcoin (BTC) will meet its first support level near its monthly lows, which is slightly above $9,050.  If Bitcoin (BTC) manages to hold on this level, then the upsurge above $9,500 is on cards.

The next support line lies above the local lows that were revisited by Bitcoin (BTC) in late May 2020. So, if the flagship cryptocurrency drops below $8,800, then it is a solid indicator that the bears are control.

All in all, Mr. van de Poppe believes that the Bitcoin (BTC) chart doesn't look bad despite the general direction looking 'indecisive'.

Mid-Term Prospects are also Bullish

At least two prominent Bitcoin (BTC) analysts have published bullish price predictions as well. Vocal Bitcoin (BTC) proponent Jimmy Song is sure that we are still currently in accumulation zone, which is very comfortable for buyers. So, the opportunity to 'buy the dip' shouldn't be missed by the king coin traders.

Image via Twitter

He particularly outlined that Bitcoin (BTC) is failing to enter the FOMO-driven parabolic run. His estimations perfectly resonate with the predictions of another well-known analyst, Crypto Birb (@crypto_birb), Founder of The Birb Nest educational community.

According to his tweet, Bitcoin (BTC) entered another stage of accumulation in early May 2020, and still remains within that range. 

Image via Twitter

Due to the fact that this accumulation has lasted for 90 days, the next move for the price of Bitcoin (BTC) will be monstrous, he claims.

About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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