Michaël van de Poppe, a popular crypto analyst and trader, has pinpointed two macroeconomic catalysts that could send Bitcoin (BTC), the largest cryptocurrency by market cap, back to the $30,000 price region.
In a tweet shared with his teeming followers, Van de Poppe said Bitcoin is currently exhibiting signs of a notable recovery. He said once inflation drops more than expected and hikes take a break, Bitcoin may see a surge up to the $30,000 price level.
Michaël van de Poppe tweeted, “The odds of a relief rally have been increasing recently, and I think it looks good. All need to be fueled by inflation dropping more than anticipated and the potential pause of hikes. That will give the relief of Bitcoin towards $30Kish.”
The odds of a relief rally have been increasing recently, and I think it looks good.
All need to be fueled by inflation dropping more than anticipated and the potential pause of hikes.
That will give the relief of #Bitcoin towards $30Kish.
— Michaël van de Poppe (@CryptoMichNL) January 9, 2023
At the time of filing this report, BTC is trading at $17,440, representing about a 71% surge from the price suggested by Van de Poppe.
Van de Poppe also says he’s waiting for the release of the latest Consumer Price Index (CPI) print, which is slated for January 12th. Traders keep a close watch on CPI data to see whether inflation is on the retreat as it could pressure the Federal Reserve to reconsider its hawkish stance.
Looking closer at Bitcoin, Van de Poppe expects BTC to pull back before bulls can take out resistance around $17,500.
“Bitcoin did continue the rally and gets into resistance. Doubt we’ll break out in one go, needs clear conviction in the coming 24 hours otherwise bearish divergence is possible. Needs to stay above $17,350 in order to continue rallying, otherwise fakeout.”