admin • Michael van de Poppe predicts that Bitcoin will surge more than 50% to reach the $40,000 mark by June 2023.
• Technical analysis reveals that Bitcoin may face resistance near $23,250, despite the overall bullish trend.
• If it surpasses this level, it may reach as high as $25,000 or even $40,000 in the near future.
Michael van de Poppe Predicts Bitcoin Price To Surge
Renowned cryptocurrency expert Michael van de Poppe has reemphasized his prediction of an imminent massive surge for the cryptocurrency. As of writing, Bitcoin is trading at $22,726 below the resistance level of $23,200 identified by van de Poppe. He believes breaking through this level would drive Bitcoin to surge toward a next immediate resistance level of $25,000 or even up to $40,000 by June 2023.
Technical Analysis
With a market capitalization of $438.2 billion and a trading volume of $40.7 billion, Bitcoin continues to remain number one cryptocurrency. Technical analysis reveals rising selling pressure indicated by RSI and MACD indicators which could lead to a new low of around $22,050 in the near future. The 50-day exponential moving average suggests that Bitcoin may face resistance near $23,250 if it surpasses this level; it may reach up to as high as $23500 or even beyond that depending on market conditions in the coming months..
Potential Roadblocks
Despite anticipating a potential pullback to extract liquidity from the market and providing favorable buying opportunity; there are factors like increased trading activity and rising selling pressure which can act as roadblocks for BTC’s bull run in coming days and weeks ahead.
Trading Volume And Market Capitalization
Bitcoin currently has a trading volume of 40 billion dollars while its market capitalization stands at 438 billion dollars with bitcoin being traded above crucial levels . This indicates increased momentum in favor of bulls suggesting that BTC might experience dramatic rise soon enough if all conditions are met accordingly .
Conclusion
Overall , there are multiple factors influencing bitcoin’s price action such as increasing trading activity ,rising selling pressures etc . With technical analysis also indicating potential increase in price ,if proper steps are taken ; bitcoin could be expected to reach its target value by June 2023 .