Bitcoin (BTC)Crypto News

Is Bitcoin True to $30,000? Top Crypto Trader Outlines Possible Scenarios For BTC Post Price Drop

Crypto analyst Michaël van de Poppe lays out the next possible steps for Bitcoin (BTC) after falling in price on Thursday.
In a new strategy session, Van de Poppe tells his 165,000 YouTube subscribers that Bitcoin “broke some support levels” on Thursday after stock indexes posted sharp downward moves.

“Given that the movement itself is so impulsive, it usually needs liquidity underneath [$37,000] and in light of this, this resulted in liquidity being taken below those lows [$37,000]it started to shoot even harder, leading to this big increase in volume.

Van de Poppe also highlights that the corrective move on May 5 saw the highest increase in volume on the two-hour chart since December, as Bitcoin plunged from $56,000 to $42,000.

Bitcoin is trading at $36,117.66 at the time of writing. that after market capitalization The top-rated crypto asset is down more than 6.5% over the past week and nearly 17% over the past 30 days.

Van de Poppe Says Bitcoin Must Recover $37,500 to Flash Signs of Life Van de Poppe says recovery from the $37,500 level could spur a rally back to $40,500.

The trader also outlines his bearish scenario.

“The three levels I’m watching are the $36,300, $34,800 and the $32,000 region levels, and if it gets there we’re likely to overshoot towards the $30,000 daily block.”

Bitcoin is currently about 47.7% below its all-time highwhich it reached in early November 2021.

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Source: Crypto News Deutsch

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