BTC Bullish Momentum Could Make $30K the New Support Level

  • Michaël van de Poppe claims that BTC could move toward $38,000-$42,000.
  • Currently, BTC is priced at $29,950.06 after experiencing 17.16% in seven days.
  • There is a high chance that $30,000 could become the new support level.

A popular crypto analyst Michaël van de Poppe took to Twitter to share his Analysis for BTC momentum in the future. The crypto analyst observed that the 200-Week MA and EMA are holding as support and a big bounce occurred, which was followed by institutional interest. The crypto analyst further pointed out that BTC could move towards $38,000-$42,000.

Currently, BTC is priced at $29,950.06 after experiencing 17.16% hike in seven days. Even though BTC faced a slight fall of 0.51% in 24 hours, the leader of the cryptocurrency continues to reside in the green zone, according to CoinMarketCap. Moreover, some traders like Michaël van de Poppe speculate that BTC could trade beyond its daily high price of $30,334.40 over time.

BTC 7-Day Chart (Source: CoinMarketCap)

Looking at the BTC/USDT 1-Day chart, BTC has earlier experienced high volatility in the market as Bollinger Bands expanded earlier. Currently, the candlesticks have recently touched the upper band, indicating that BTC has reached the overbought region. Since BTC has entered the overbought region, there is a high chance that a price correction could happen soon. However, if the buyer continues to show demand, there is a high chance that BTC could reach the new resistance level at $36,124.25.

BTC/USTD 1-Day Chart (Source: TradingView)

However, traders should note that high volatility in the market could indicate that there is a possibility for a trend reversal. The Bollinger Band Width (BBW) signals that BTC’s market could continue to experience high volatility in the market, hence, ending BTC’s positive momentum.

Another scenario that BTC could face is that its candlesticks could fall slightly below the $30,000 mark. Once the candlesticks fall below the $30K border, the bulls may rally to BTC’s support and drive its price upwards making $30,000 the new support level for Bitcoin.

Disclaimer: The views and opinions, as well as all the information shared in this price Analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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