Bitcoin Price Must Reclaim $9,590 to Get on Track to $10,000: Prominent Analyst

News
Mon, 06/22/2020 - 12:07
Yuri Molchan
Prominent crypto analyst Michael van de Poppe assumes that Bitcoin has a good chance at getting back on track to reach the $10,000 level. Here’s how
Cover image via stock.adobe.com
Contents

In a recent YouTube video, analyst Michael van de Poppe has shared his view on the chances Bitcoin has to reach the $10,000 level in the near future.

The analyst also admits that things might turn bearish but does not believe it is likely.

However, he believes that the market will hardly see much movement until July 1.

Bitcoin is likely to continue moving towards $10,000

Since recovering from the $9,100 area on June 16, Bitcoin has been moving in a range between the $9,250 and $9,400 zones.

At the time of writing, the king crypto, Bitcoin, is changing hands at the rate of $9,423.

In his video, Michael van de Poppe says that, by now, Bitcoin has achieved a higher low after emerging from under $9,000.

If we get to the $9,590 level, he suggests, then Bitcoin may continue moving towards $10,000, at which point there might be another consolidation.

Image via YouTube

Related
Bitcoin Needs to Decouple from Stocks to Hit New ATH: Weiss Ratings

A bearish BTC outlook 

Mr. van de Poppe then turned to look at the chances of BTC dropping. He admitted that it would possible, in theory, should Bitcoin lose the $9,200 level.

In that case, the analyst explains, the market may see a significant fall towards the $8,720 area and then lower after a small bullish reversal towards $9,000.

Michael van de Poppe promises to talk more on the BTC price later today during his live stream on YouTube.

Image via YouTube

Hedgeye CEO bullish on BTC

The founder and CEO of Hedgeye investment research company, Keith McCullough, has tweeted that Bitcoin has remained in a bullish trend since it reached the $9,400 level.

Image via Twitter

 

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.


Articles by author

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy

Cookie settings