A popular crypto strategist believes that the next few days will be crucial for the future prospects of #bitcoin (BTC).
According to Van de Poppe, a successful retest of the key technical indicator could suggest that the Bitcoin correction has concluded.
“If you go back in history, the 200-(week) MA retest is a great period to accumulate.
In the past six months, Bitcoin has been swimming beneath for a long period, making it the most undervalued since existence.
Next week is make-or-break. Fast breakout upwards -> end of correction.”
At time of writing, the 200-week moving average is hovering at $26,283.
Van de Poppe also says that a reclaim of a key support level on the lower timeframe may ignite rallies for BTC. Failure to do so could see Bitcoin trading to as low as $26,000 before a bounce can take place.
“Classic choppy pattern on Bitcoin.
Rejects at $27,200 and consolidates, as CME (Chicago Mercantile Exchange) gap is also around $26,900.
Bitcoin needs to break and flip $27,200 if we want to see any sustained momentum.
Beneath us, at around $26,000-26,500 -> 200-week MA.”
At time of writing, Bitcoin is trading for $26,665, down over 2% in the last 24 hours.
