Ethereum and Bitcoin
The well-known crypto analyst and retailer Michaël van de Poppe recently warned crypto enthusiasts that the Bitcoin course and the broader crypto market are not yet ready for the big breakthrough.
The analyst believes that the recent rise from the Bitcoin Optimizer price to $12,000 is most likely a bull trap.
The $12,000 range is a critical barrier that we must break through to continue this upward movement. However, I am not yet convinced that we will do so at this time as we approach the resistance zone, which is between $11,900 and $12,500 in no volume. So this whole rally is actually being fueled by people selling their old coins to jump on the BTC train.
Van de Poppe believes that the Bitcoin price will continue to consolidate as the important resistance zone of $12,000 must be respected. This could result in Bitcoin’s price breaking down again.
I expect a rejection in the range between $11,800 and $12,050. After that, we lose $11,800 and get another downward dynamic through which we can see some more movement within the range. Do we go even further down? I’m not sure, but I think we should be able to test the $10,600 range.
With yesterday’s Bitcoin price rise, it should be clear that von der Poppe’s assessment was off. The price per Bitcoin rose in no time at all to $13,200, where it experienced strong rejection.
Bitcoin price forecast, BTC price, Bitcoin forecast
Ethereum course could soon test the $440
As far as the Ethereum course is concerned, Van de Poppe is a little more positive.
Based on the daily time frame, ETH/USDT, we can see that we have a significant resistance zone, which is around $380 to $395, which does not look like we will see a breakthrough at this level at this time. We are in the process of consolidating.
However, the analyst Ethereum believes that we have more bullish momentum than the Bitcoin price. Nevertheless, Van de Poppe warns of a possible correction here as well.
If we break through this level of $380 to $395, I think we will test $440. But based on a weekly time frame, we could also say that we have a rising wedge construction here that would make a re-test of these lower zones (around $340) not unlikely and very healthy for a market.
XRP price points south
The crypto dealer is also bearish at the XRP course. According to Van de Poppe’s chart, Ripple’s native token can potentially lose over 16% of its value as it is expected to fall from $0.24 to $0.20.
This (XRP), and the markets in general, show a further decline that is yet to come. In this case, if this construction breaks south, I would be interested in looking for longs around $0.195-0.205 first.
Ripple and XRP Price
Unlike Van de Poppe, who is bearish towards BTC in the short term, a number of analysts believe that BTC is ready to break the $12,000 barrier and beyond. Those who are right in the end will reveal to us the next days and weeks.
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