Michael Predicts BTC to Hit $25K as Long as It Stays Above $22K
- The trader stated that BTC’s price will rise to $25k again if it is able to defend the $22k level.
- In related news, the market leader’s price has dropped 2.10% over the last 24 hours.
Renowned crypto trader and analyst, Michael van de Poppe tweeted today that “the markets are still having a regular correction inside an uptrend”. In the tweet, van de Poppe added that as long as the price of Bitcoin (BTC) remains above $22K, then it would be fair to expect the market leader’s price to target $25K again in the coming weeks.
BTC’s price has fallen 2.10% over the last 24 hours according to CoinMarketCap. As a result, the crypto’s price stands at $23,886.03 at press time. Despite the 24-hour drop, the market leader’s weekly performance remains in the green at +0.56%.
Looking at the 4-hour chart for BTC/USDT it could be seen that the price of BTC has dropped below the 9 and 20 EMA lines on the chart. As a result, BTC’s price has entered into a short-term bearish cycle.
The 9 EMA line on the 4-hour chart is positioned bearishly below the 20 EMA line on the 4-hour chart. In addition to this, the RSI line on the 4-hour chart is positioned below the RSI SMA line on the 4-hour chart. These technical indicators suggest that BTC’s price may continue to fall in the next 24-hours.
The downside target for this bearish thesis is the support level at around $23,581.38, which is also the base for the bearish descending chart pattern that has been established on BTC’s 4-hour chart. Should BTC’s price break this level in the next 24 hours, then the next downside target will be $23,300.
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.