Bitcoin Analyst Claims There Will Be Big Price Movements This Week
Bitcoin (BTC) which is the main cryptocurrency has made significant moves in its price movement. This was conveyed by a crypto analyst who is also the CEO of Eight Global, Michael van de Poppe, who shared his opinion on the X platform.
According to him, BTC's movement has managed to close above the 200-Week Exponential Moving Average (EMA), a key indicator historically associated with bullish trends.
“Bitcoin closed above the 200 Sunday EMA, which is very important for bullish continuation,” said Poppe, Sunday (17/9/2023).
FYI, the 200-Week EMA is a widely monitored metric in the crypto market, and Bitcoin's ability to surpass this mark is considered a positive sign. In this case, Poppe indicated that this breakout could lead to a price trajectory similar to the 2015/2016 cycle.
"Price movements are starting to look similar to the 2015/2016 cycle," he said
Meanwhile, another analyst under the pseudonym Roman gave an overview of the current situation in the Bitcoin market. In the analysis posted on the X platform, it indicates that the Bitcoin price on the 1-day (1D) chart has faced a crucial resistance level.
Also Read: Analyst Gives Price Target for Bitcoin Movement, Pay Attention to Key Levels!
This resistance was accompanied by a bearish signal in Price Action, indicating that a significant move could occur in the near future. Roman predicts a possible price drop back to the support level before a true reversal in the trend can occur.
