Michaël van de Poppe, a top crypto analyst and trader, formerly known on Twitter as Crypto Michael, has discussed the key price levels that Bitcoin (BTC), the largest digital currency by market capitalization, must hold in order to maintain its bullish momentum as it consolidates above $33,000.
In a recent video, Crypto Michael stated that although Bitcoin (BTC) looks to be in a bullish state, especially after it was disclosed by Elon Musk that both Tesla and SpaceX currently hold BTC on their balance sheets, the flagship cryptocurrency needs to flip a number of key price levels into support in order to maintain its slightly bullish trend.
Michaël van de Poppe noted:
“What you want to see is that Bitcoin generates a new higher low… At this stage, yes, we do have this fake-out beneath the recent low. We got back into the range. But in order to sustain bullish, you want to see the previous support flip for support again [$31,000].”
He said Bitcoin (BTC) has managed to stay above 29,300 support and also managed to break out of a falling wedge, which is a clear pattern that can indicate trend reversal.
According to Crypto Michael, if Bitcoin (BTC) fails to flip $31,000 into support, it will likely drop down to $24,000.
However, the analyst pointed out that many traders are looking forward to seeing Bitcoin plummet, which is a moment of bearish euphoria that could set up a major bear trap and ignite a sustained BTC bounce:
“If we break [$32,800], I would not be surprised if we get a very swift and heavy run towards [$36,000] high, potentially even a wick towards [$37,500].”
At the time of filing this report, Bitcoin (BTC) is trading at $34,312.23, with a relatively 2% price upsurge in the last 24 hours.