Crypto analyst and trader Michael van de Poppe stated that he expects a rise in Bitcoin (BTC) in the last quarter of the year, despite the recent struggle and widespread expectation of a decline. The analyst highlighted the important levels in the price chart of the largest cryptocurrency.
Potential Opportunity Levels in Bitcoin
Well-known for his accurate predictions, crypto analyst Van de Poppe mentioned in his latest analysis video on YouTube that Bitcoin is on the verge of consolidating and reaching important opportunity levels. According to the analyst, after reaching the expected opportunity levels, Bitcoin can enter a significant uptrend:
If we are going to have a retest in this region, which is highly likely, Bitcoin is entering a consolidation zone here, which makes it very probable for us to make a retest between $25,600 and $25,800. If we are going to have a retest in this area, this is the region where I want to start buying my positions because this retest will be the ultimate retest.
If this retest does not happen, the level at $26,500 is where I think I want to start opening my positions. Then we can start targeting $28,000 and then it will generally be very positive. In the projection for the fourth quarter, we can start targeting higher figures, $30,000 or higher levels.
Pay Attention to the Similarity in Bitcoin’s Outlook in 2015 and 2016
Van de Poppe pointed out the similarity between the current price movement of Bitcoin and the price movements observed in the year before the previous block reward halving. The analyst explained this similarity with the following statements:
As long as we stay above the 200-week EMA (exponential moving average), we will most likely continue upwards. The process is starting to resemble the period we saw in 2015 and 2016. Back then, we needed these types of price movements, but first, we consolidated and then the uptrend began.
During this period, it is very likely that prices will start to rise slowly but surely, and there will be an overall upward movement in the markets.
