Michael van de Poppe, cryptocurrency Despite the negative outlook in the market, he made a bullish forecast for Bitcoin.
The analyst stated that BTC is trading at the 12,300 support area with the current $18,600 resistance. According to the analyst, Bitcoin bulls should primarily try to gain momentum by breaking the immediate resistance.
“bitcoin If we fail to move above $18,600 in the price, $12,300 support will always be on the table. Therefore, it is very important to exceed this level. Obviously, a lot of people are focused on support, so we may not reach those levels.”
Michael van de PoppeHe thinks Bitcoin bulls need to push BTC above a key level to trigger a big short squeeze.
A short position squeeze, or short squeeze, happens when traders who borrow units of an asset at a certain price in hopes of selling them at a lower price to earn the difference are forced to repurchase assets as they move against trading biases.
“Breaking $20,600 means breaking the trend because we are hitting the $20,000 levels. The amount of short stops above this high will suffice, meaning we will most likely have a runner towards this block. That would trigger a move towards the $29,200 block and possibly the $38,500 block. Because I think we’re just going to get liquidity above here.”
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.