Conversely, if Bitcoin fails to achieve this, the cryptocurrency might find itself trading at a lowly figure, potentially as low as $26,000, before any significant rebound can materialize. At the time of writing, the 200-week moving average was observed to be approximately $26,283.įurthermore, Van de Poppe adds that Bitcoin’s recovery and potential future rallies might be sparked by the successful reclaim of a pivotal support level in the lower time frame. According to the analyst, a rapid upward breakout could mark the end of the ongoing correction. Indeed, in the last half a year, Bitcoin has been trading below this level for an extended duration, signifying an unparalleled undervalued phase since its inception.Īs the next week unfolds, the digital asset might face a “make-or-break” situation. Historically, Van de Poppe maintains that the 200-week MA has often proved to be an excellent period for Bitcoin accumulation, as it’s generally represented a undervalued state for the cryptocurrency. If Bitcoin successfully holds this level as support, it could indicate the end of the current correction phase, according to Van de Poppe. The 200-week MA, in this context, represents the average closing price of Bitcoin over the last 200 weeks. In technical analysis, the moving average is a statistical tool that smoothes out price data by creating a constantly updated average price, thus helping to identify trends. Van de Poppe highlights the importance of a potential retest of Bitcoin’s 200-week moving average (MA) as a critical support level. In the following few days, the analyst suggests that the trajectory of Bitcoin could be significantly influenced, keeping his 657,000-strong Twitter audience engaged and on their toes.
This cookie, set by YouTube, registers a unique ID to store data on what videos from YouTube the user has seen.Prominent crypto analyst Michaël van de Poppe, known for his insightful take on Bitcoin (BTC) trends, has hinted at an upcoming pivotal moment for the digital currency. YouTube sets this cookie to store the video preferences of the user using embedded YouTube video. YSC cookie is set by Youtube and is used to track the views of embedded videos on Youtube pages. The test_cookie is set by and is used to determine if the user's browser supports cookies.Ī cookie set by YouTube to measure bandwidth that determines whether the user gets the new or old player interface. Twitter sets this cookie to integrate and share features for social media and also store information about how the user uses the website, for tracking and targeting. This cookie is set by Facebook to display advertisements when either on Facebook or on a digital platform powered by Facebook advertising, after visiting the website.įacebook sets this cookie to show relevant advertisements to users by tracking user behaviour across the web, on sites that have Facebook pixel or Facebook social plugin. These cookies track visitors across websites and collect information to provide customized ads. It does not store any personal data.Īdvertisement cookies are used to provide visitors with relevant ads and marketing campaigns. The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. The cookie is used to store the user consent for the cookies in the category "Performance". This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other. The cookies is used to store the user consent for the cookies in the category "Necessary".
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