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As investors eagerly anticipate Bitcoin‘s (BTC) next price movement, renowned crypto analyst and strategist Michaël van de Poppe states the coming week will be significant for expectations concerning BTC.
Expecting a Retest of the 200-Week MA
Crypto analyst Michaël van de Poppe suggested that Bitcoin, the largest cryptocurrency, is set to retest its 200-week moving average (MA) as support. According to Van de Poppe, a successful retest of this crucial technical indicator could signify the end of the correction, or in other words, the end of the current downtrend in Bitcoin:
Looking back, retesting the 200-week MA has always been a fantastic accumulation period. Over the past six months, Bitcoin has spent a prolonged period below the 200-week MA, which made it the least valued since its existence.
Pointing to this week, Van de Poppe added, “The upcoming week will be a make or break week. A swift upward break would signify the end of the correction.”
Analyst Eyes the $27,200 Level
Van de Poppe also believes that regaining a key support level in a lower time frame could ignite a rally for BTC. However, in such a scenario, Bitcoin might face a decline to around $26,000 before a bounce:
Bitcoin is showing a classic wave-like formation. Because the CME (Chicago Mercantile Exchange) gap is also around $26,900, it couldn’t break $27,200 and is now in accumulation. If we want to see a consistent upward momentum, Bitcoin needs to break $27,200 and confirm this level as support. On the downside, there is a 200-week MA around $26,000 to $26,500.
At the time of preparing this report, Bitcoin is trading below the $27,200 level pointed out by the analyst, changing hands at $26,840.
