Crypto trader Michaël van de Poppe points out Bitcoins potentially impressive upside case, but also warns that certain price level reactions may cause a worst case scenario fall to $30K.
Bitcoin Support Zone of $39,200
Recent charts from TradingView have shown a worrisome trend for Bitcoins price as of April 27 with bulls fighting back to recapture key resistance levels. Bitcoin (BTC) dropped to $37,750 on April 26th, then saw a relief bounce up to $39,200. The Bitcoin price fell again from this level making it a key level of resistance according to Michaël van de Poppe.
In his latest youtube posting, he has highlighted the price level of $39,300 as a level that needs to be overtaken for BTC to flip bullish and then target the next level of reisistance at $42,600. He also spoke to a scenario where Bitcoin fails to recapture $39,300 price level stating “If we lose this one, I think we are looking for short opportunities,” he explained, with possible confirmations of a bottom coming below the $37,000 price level.
He continued on in stating that “If we lose this level as support, I think it could be nosediving as we’re going to trigger liquidity below the lows and then we might be testing some lower levels in which ultimately, if the markets are really ready to nuke, I’m looking at $30,000 as the ultimate bottom for the markets.”
Van de Poppe is not the only crypto trading analyst warning of a possible Bitcoin selloff to around the $30k mark. In recent weeks, several figures have given $30,000 as a target, among them former BitMEX CEO Arthur Hayes as well as several other crypto youtubers who have offered similar sentiment if certain levels do not hold including Carl (the moon) and “MMCrypto“.
Van de Poppe also added that if we were able to crack the $39,300 mark, with current consolidation in place, Bitcoin may be set for a “serious run”.