Trader Sets His Long Entry Target for Bitcoin (BTC) at $21K
- The trader shared that he will be looking to enter a long position when BTC’s price reaches $21k.
- BTC’s price may begin rallying if inflation rates begin to drop.
Renowned crypto trader, Michael van de Poppe, tweeted his analysis for the crypto market leader, Bitcoin (BTC), in a tweet yesterday. In the tweet was a link to a Youtube video wherein the analyst shared his target levels for BTC’s price following the SEC’s crackdown on staking on centralized exchanges.
According to the trader, BTC’s daily chart shows that Bitcoin is currently in a corrective period. He did, however, state that this correction may be short-lived. Michael van de Poppe shared that BTC’s price hitting $21k will be a good entry for a long position, but did warn that the possibility of BTC’s price dropping to $19.7k is still present.
The trader also shared that he is bullish on the crypto market given that inflation rates may drop soon. Should this happen, BTC’s price will enter into a consolidation period for the coming weeks before rallying.
At press time, the price of BTC is up 0.69% over the last 24 hours according to CoinMarketCap. Despite this, however, BTC’s price performance remains in the red for the week at -6.69%. As a result, BTC’s price currently stands at $21,820.45.
Looking at the daily chart for BTC, the price of the crypto market leader is trading below the 9-day and 20-day EMA lines. A bearish technical flag could be triggered by the two EMA lines with the 9-day EMA line looking to cross below the 20-day EMA line. Should this happen, BTC’s price will likely drop to $21k before potentially tapping the support at $19.7k.
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