A widely followed analyst believes that Bitcoin (BTC) is giving off an immense bullish reading that could propel the crypto king to a fresh 2023 high.
Analyst Michaël van de Poppe tells his 659,200 Twitter followers that Bitcoin has managed to keep both the 200-week moving average (MA) and the 200-week exponential moving average (EMA) as support.
Traders keep a close watch on these moving averages as they tend to signal the long-term trend of an asset.
According to Van de Poppe, Bitcoin now looks poised for a rally to a fresh yearly high of $40,000 before witnessing a major corrective move.
“Massive signal on the weekly chart for Bitcoin.
The 200-week MA and EMA both held.
Additionally, another higher low was made, so we’ll be looking at a higher high in the coming period.
Raw lines, but expecting us to rally substantially before a new correction.”
Although Van de Poppe is bullish on the midterm prospects of BTC, he says that Bitcoin could see a slight dip before starting its next leg up.
“Bitcoin is acting in a strong manner, as we’re still acting above $30,000.
I’m currently patiently waiting for triggers. Rejection at $31,000 might be a signal that we’ll be having more consolidation here.
In that case, sweeping $29,000 (or $28,000) is my go-to long play.”
At time of writing, Bitcoin is trading for $30,459.
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