Well-known crypto trader Michael van de Poppe noticed that the critical price level for bitcoin (BTC) at $27,900 remained intact, prompting the price to skyrocket to $28,700 overnight.
The investor continued the tweet by stating that the current level of consolidation makes it very probable that the bitcoin price will continue to increase over the next few days to reach $30,000.
The trader completed in-depth research for BTC in a video on YouTube. His findings established his upside objective for bitcoin to be between $40,000 and $45,000.
His analysis assumes that the Dollar Currency Index will encounter a strong adjustment in the coming weeks, which is expected to be bullish for higher-risk assets, including crypto and BTC.
The trader also indicated that there would be a period of a few months during which bitcoin will rise, followed by a period during which bitcoin will experience a correction and then continue to rally. Van de Poppe justified this statement by asserting that the window will only exist until the Federal Reserve performs a pivot with its monetary policy. He believes this will occur in a few months as we get closer to the end of the phase when interest rates are raised.
This gain has also taken the weekly price performance to a new all-time high. As a direct consequence, bitcoin’s entire market valuation is now projected to be $551 billion.