Prominent Amsterdam-based analyst Michael van de Poppe believes that if certain conditions are met, Bitcoin is likely to reverse to the North and has a chance at breaking towards $11,000 or even $12,000.
Bitcoin dropping below $9,000
Earlier today, the flagship cryptocurrency Bitcoin suddenly slipped from the $9,350 area and dipped below $9,000, according to data from the analytics site CoinMarketCap.
Bitcoin reached $8,990 but did not stay there for a long time and quickly recovered, currently trading at $9,150.
Thus, instead of breaching the $10,000 resistance, on June 11, the major crypto’s price plummeted from $9,930 to the $9,300 area. Since then, Bitcoin has been trading in a range until the brief drop below $9,000.
However, analyst Michael van de Popple (also known as Crypto Michael) suggests that under certain conditions, Bitcoin has a chance at not only recovering to the $9,800 zone but also breaking above $10,000.
More confirmation required to surge towards $12,000
In his recent video, which the analyst recorded due to the sudden BTC drop, he says that the situation with the king crypto does not look so bad.
He points out that similar structures of BTC rebounding a little downwards were also seen previously this year and a bullish breakout happened after each of them.
On the chart, Mr. van de Poppe shows that before the Bitcoin price surges back to the pre-$10,000 zone, it is likely to reach $9,300 and then drop back to the $9,000 area.
After that, he expects BTC to recover to $9,800. The crucial conditions for that, the analyst says, is breaking towards $9,300 first and then holding $9,000 as support.
If all of that happens, Mr. van de Poppe assumes that Bitcoin may head up towards $11k-$12k after $9,800.
Bearish scenario as an option
However, the analyst is also eyeing a bearish scenario, even though he says that the bullish one is more likely.
If the BTC price fails to hold the $9,000 level and goes under $8,800, then it may break through $8,400 and head all the way down to $7,791.