BTC Will Rise to $40K in the Next Few Months, Says Expert Trader
- The veteran trader also shared that BTC will have an opportunity to rise to $40K in the next few months.
- In related news, the price of BTC has risen to above $28K in the last 24 hours.
The respected crypto trader Michael van de Poppe (@CryptoMichNL) tweeted his latest technical analysis for Bitcoin (BTC) this morning. According to the tweet, the crucial price level at $27,900 for BTC held which caused the market leader’s price to soar to $28,700 overnight.
The trader concluded the tweet by sharing that consolidation at this point will make it likely that BTC’s price will continue to rise to $30,000 in the coming days.
In a video analysis uploaded by van de Poppe yesterday, the trader did an in-depth analysis for BTC where he set his upside target for BTC between $40K-$45K. In his analysis, van de Poppe shared that he believes that the Dollar Currency Index will experience a strong correction in the coming weeks, which will be bullish for higher-risk assets such as crypto and BTC.
The trader also stated that BTC will have a window of a few months wherein it will rally before experiencing a correction and then continuing to rally. Van de Poppe justified this statement by stating that the window will only exist until the Fed performs a pivot with its monetary policy, which he believes will happen in a few months as we approach the end of the interest rate hike phase.
At press time, the price of BTC remains above the $28K mark at $28,517.96 according to CoinMarketCap. This is after it printed a 24-hour gain of 1.69%. This 24-hour gain has flipped BTC’s weekly price performance into the green – taking the current weekly price performance to +1.50%. BTC’s total market cap is estimated to be $551.572 billion as a result.
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