Crypto trading guru identifies Bitcoin’s position to watch ‘for a long time’ as consolidation occurs
Bitcoin (BTC) is still trying to exit the bear market after sustaining gains above $20,000 in recent weeks. Investors are now looking for the next price target after the flagship crypto began trading sideways, shedding some of its recent gains.
In this line, cryptocurrency trading expert Michaël van de Poppe shared his insight into Bitcoin’s correction after the asset briefly topped $25,000. In a chirping posted on August 15, Poppe stated that there is nothing alarming about the correction as it is normal for the asset.
In addition, Poppe noted that despite the recent short-term bullish momentum, the market is still influenced by the bearish mindset that pushes the asset to experience short-term selling pressure. Poppe expects the correction to extend while advising investors to look at the $23,800 and $23,000 levels for long positions.
“Bitcoin consolidation a bit as we’ve had a pretty decent run up over the last week. Very normal; nothing going up in a straight line. Profit taking, a bear mindset, is still key. Giving people at HLs opportunities to jump in,” said Pop.
Bitcoin is facing rejection
After breaking above $20,000, Bitcoin has struggled to push and hold above the $24,000 level, facing a series of rejections. Notably, after retracing from the $20,000 support level in July, Bitcoin has generally traded sideways but has indicated bullish momentum.
It is worth noting that several market analysts believed that Bitcoin may have bottomed out and is poised for a resurgence in the second half of the year. However, some analysts have been divided about the prospects for the current recovery.
Some believe that Bitcoin’s rally could rise further, while others are not so bullish and expect the price to resume a downward trend.
Has Bitcoin Bottomed?
This comes as data suggests that the Bitcoin bottom is likely in. In a chirping posted on August 15, a cryptanalyst of the Twitter username The RealPlanC noted that Bitcoin’s main capitulation event that will constitute the asset’s bottom is likely to have occurred on 8.6.
Interpreting the Bitcoin Adjusted Spent Output Profit Ratio (SOPR) chart, another crypto expert by the username CredibleCrypto highlighted the earlier impact of Bitcoin’s foreclosure.
“Everyone wants to buy BTC below $15,000, but no one in their right mind wants to sell BTC at $20,0000 and below. We got this low due to forced selling/capitulation. Without another black swan (I think we can call LUNA/3AC- infect it), the bottom is probably in,” he said.
The SOPR indicator is an on-chain indicator that highlights the sentiment of HODLers, regarding the purchased price of Bitcoin, and compares it to the current BTC price.
Disclaimer: The content of this page should not be considered investment advice. Investment is speculative. When you invest, your capital is at risk.
