Overview
• Michael van de Poppe, a renowned cryptocurrency expert, predicts a massive surge in Bitcoin’s price to reach $40,000 by June 2023.
• Technical analysis reveals a potential drop to $22,100 and resistance near $23,250.
• Increased trading activity suggests growing momentum in favor of bulls and a possible pullback to provide favorable buying opportunity.
Background on Bitcoin Price
At the time of writing, Bitcoin is trading at around $22,726 with an estimated resistance level of $23,200 identified by van de Poppe. Despite anticipating a potential pullback to $21,700 he acknowledges that the increased trading activity signals growing bullish momentum which may cause Bitcoin price to surge more than 50% up to reach $40,000 by June 2023. Furthermore, it currently has a market capitalization of $438.2 billion and its 24-hour trading volume is at an impressive level of $40.7 billion.
Technical Analysis
The technical analysis reveals rising selling pressure as indicated by the RSI and MACD indicators which could lead to a new low of around $22,050 in the near future. The 50-day exponential moving average also suggests that Bitcoin may face resistance near the level of $23 250 if it surpasses this point it may reach up to as high as 23 500 indicating an increase in value from current levels.
Potential Pullback
Van de Poppe acknowledges the potential for a drop to extract liquidity which could potentially provide favorable buying opportunities for investors who are looking into getting into or increasing their positions in Bitcoin at this time.
Conclusion
In conclusion it appears that there are positive indications for further growth in Bitcoin’s price with technical analysis suggesting a brief pull back before reaching higher targets such as the estimated target of 40 000 dollars sometime in June next year while providing dynamic buying opportunities along the way.