Crypto Trader Believes BTC Is In A “Storing of Power” Phase

  • Poppe believes that if BTC can stay above $28.9k it will open doors to further price increases.
  • Another trader believes that BTC is currently in a “storing of power” phase in preparation for the next bull run.

The well-known crypto trader and analyst, Michael van de Poppe, took to Twitter earlier today to share some of his thoughts on the crypto king Bitcoin (BTC). According to van de Poppe, “Bitcoin is constantly flipping levels” and is back in a positive range.

BTC / Tether US 1h (Source: TradingView)

The trader also added that he believes if BTC can stay above the $28.9k support, the price of the market leader will then likely climb to $30.5k. Van de Poppe did, however, warn that the unemployment data that will be released soon could have a serious effect on BTC’s price.

Another crypto analyst and trader that goes by the name of Trader Tardigrade also  posted his thoughts on BTC on Twitter today. In this post, the trader explains that he believes BTC is currently in what he calls a “Storing of Power” phase.

BTC’s “storing of power” (Source: Twitter)

The trader referred to two BTC charts from various stages in the crypto’s past to showcase why he believes the crypto king is currently “storing its power” before the next bull run. Despite both of these opinions, traders will have to wait and see what the effect of the unemployment data will be on BTC and the rest of the market heading into the weekend.

At press time, CoinMarketCap indicated that BTC was trading hands at $29,139.04 after a price decrease of 0.23% over the past 24 hours. BTC’s price was also down 0.59% over the past seven days. BTC had also weakened against its biggest competitor Ethereum (ETH) by 0.04% during the past 24 hours.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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