- Michael van de Poppe, a cryptocurrency analyst, says that the coming week will be crucial for Bitcoin.
- Bitcoin price could see a fresh bullish trend if BTC can break out after a successful retest of the 200-day moving average.
- However, if BTC fails to break this level, it could drop to recent lows, with the main target at $25k or below.
Bitcoin price It struggled to regain the support above $28,000 and it is currently facing fresh bearish pressure above the $27k level.
While price looks for a successful retest and bounce from a key technical level, the bulls can be left to fight a deeper correction if prices break down from that level, which one analyst did. highlighted As a possible scenario or breakout for Bitcoin in the coming week.
Bitcoin Price: Analyst Says Next Week Could Be Crucial
Next week’s market events could have an impact on Bitcoin’s price, with important economic data and events to watch out for including US GDP revisions, minutes from the latest FOMC meeting and the core personal consumption expenditures (PCE) deflator – the Fed’s preferred metric. Federal inflation.
The decision or vote on debt ceiling talks is also expected to highlight critical market-moving events this coming week. According to Michael van de Poppe, the bitcoin price prediction for the coming week is likely to trend along with the broader market reaction to the busy week.
He says that BTC’s retest of the 200-day moving average has historically indicated an opportunity for accumulation. If BTC manages to break this level, it could signal the end of the current correction and the beginning of a new bull market.
The analyst believes that the next few days are important for the bulls, noting that it may be a “make or break” situation.
“If you go back in history, a retest of the 200-MA is a great period for accumulation. In the past 6 months, #Bitcoin has been swimming lower for a long time, making it the least valuable since existence. Next week is the best or interval. Fast breakout up -> end of correctionVan de Poppe tweeted.
If you go back in history, a retest of the 200-MA is a great period for accumulation.
In the past six months, # Bitcoin It had been swimming at the bottom for a long time, making it less valuable since its existence.
Next week is the best or interval. Fast breakout up -> end of correction. pic.twitter.com/LCVyLiBm8i
– Michel van de Poppe (CryptoMichNL) May 20, 2023
The 200-day moving average is a long-term moving average that traders often look for as support or resistance levels. BTC breaking out of the 200-day moving average has often seen bulls take control.
If BTC can break the 200-day moving average, it could reach $35,000 by the end of the week. However, if the bulls fail to fend off the killed bears, a re-visit of the $25K area is possible.