Bitcoin’s price has been struggling to hold the $20,000 support levels over the past few weeks, but during the past 24 hours, it has managed to break out past $22K. This price action is creating a bullish sentiment among traders, with crypto analyst Michael van de Poppe predicting that Bitcoin will reach the $28,000 to $30,000 range in the next few days.
There's probably an insane amount of liquidity above the 200-Week MA.
If #Bitcoin breaks that level, I'm assuming we'll probably be getting a run of $2-5K upwards in just a few days to $28-30K.
And then the sentiment will flip too.
— Michaël van de Poppe (@CryptoMichNL) July 7, 2022
Michael van de Poppe predicts BTC rally to $30K
In a recent Twitter post, crypto analyst Michael van de Poppe pointed to high liquidity above the 200-Week MA levels. If Bitcoin managed to break past this level, a bull run towards $30K would be witnessed, and a bullish sentiment would be formed.
During the past 24 hours, Bitcoin broke past the $22K resistance level. The coin has since slumped top test the lower support levels. Poppe noted that a consolidation would be witnessed at around $20.7K before the price rallies above the 200-week MA, as investors buy Bitcoin expecting a trend reversal.
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The analyst also predicted that the recent crash in Bitcoin’s price below $20K was triggered by the collapse of the Terra LUNA network. The crash caused Bitcoin to drop below the 200-week MA. With the market showing signs of recovery from the Terra Luna fiasco, a trend reversal could be on the way.
Sentiments on crypto Twitter
There has been a lot of chatter on crypto Twitter on factors that could influence Bitcoin’s prices. The market is currently anxious about the rehabilitation plan by Mt.Gox. The Mt.Gox exchange that was closed in 2014 following a massive hack is set to start repaying its creditors, with some payments expected to be done in Bitcoin or Bitcoin Cash.
If these creditors are paid in Bitcoin, these coins could be dumped in the market, causing further downward pressure for Bitcoin. CryptoQuant CEO has even provided a tool that will notify traders once the public blockchain wallet for Mt.Gox starts releasing Bitcoin.
The market sentiment also turned slightly bullish earlier this week after Jim Cramer said the market has no real value. Cramer has somewhat turned into a meme in the crypto community due to the market behaving opposite of what he had predicted. Some traders said they would buy Bitcoin, as Cramer’s remarks confirmed that the bottom was in.
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