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Bitcoin Must Hold to 49k to Prevent Further Corrections, Analyst Claims

The famous analyst, who said that the Bitcoin (BTC) price could reach $55,000 in the short term, explained the critical support level.

Michael van de Poppe, a full-time trader on the Amsterdam stock exchange, informed his followers on Twitter on March 4 and drew attention to the importance of the $49,000 level in the BTC/USD parity.

In his price analysis, Poppe said that the Bitcoin price is still in an upward trend and added:

Bitcoin is still moving on schedule.

Bitcoin likely to rise to $55,000

Bitcoin, which recently reached an all-time high of around $58,300, was soon beginning to see a correction. Poppe set $49,000 as the critical support level for the BTC price, which went down to $42,000 and rebounded in this process.

Stating that it is very important to keep the support of $49,000 in the Bitcoin price, the analyst pointed to a short-term decrease if this level cannot be kept. He argued that if the support is held, the rise will continue to $55,000. In his tweet, he wrote:

The $49,000 area must be held so that the correction does not deepen. If this level is broken, a drop to $45,500 can be seen. If $49,000 does not break and a new $52,000 test is realized, a rise to $55,000 is likely.

In his technical assessment chart, Poppe argued that he expected a rise of up to $55,000 in the near term, then a deeper correction could be possible.

Derivatives market hints at local bottoms

The CEO of on-chain data source CryptoQuant, Ki Young Ju, said in a Twitter message on March 4 that “Taker Sell Volume for all derivative exchanges looks helpful to catch the local bottoms.”

Sales volume of market buyers in derivatives exchanges. Source: Twitter

Stating that the Bitcoin price rose after the bottom was seen, the CEO argued that although he was not sure about the accuracy, he found a correlation between the two data:

The sales volume of buyers in derivatives exchanges seems useful for detecting local lows. When the volume in the BTC market rises above $ 150 million after the bottom, the price is heading up in the short term. A data that has not yet been tested, but still eye catching.

If you have any questions and comments on Bitcoin today, use the form below to reply.

© MarkStevenson for Commodity News, 2021. | Permalink | No comment |
Published under: Bitcoin, Forecasts

Via Commodity News

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