Bitcoin entered the weekend with a bullish run. The leading cryptocurrency has turned its direction upwards in recent days and made daily closes above $ 40,000 after a long break. Renowned cryptocurrency analyst Michael Van de Poppe believes that Bitcoin must break through some levels for the market's upward momentum to accelerate.
The market needs the gripping power of Bitcoin. Famous analyst Michael Van de Poppe draws attention to this in his analysis of his 576,000 followers on the social networking platform Twitter. The analyst first argues that Bitcoin should maintain a solid stance above $39,700. He warns that if BTC fails to do this, it could pull back up to $30,000.
“Looking on the upside, we break $39.6k. So if we want to categorize any critical levels we need to hold onto, $39.6k is definitely the level I want to see sustainable. If that doesn't happen, I think we'll sweep the lows at $37.9k and then We can accelerate up to $30,000. So $39.6k is a very important level to watch for me."
According to Poppe, the $ 42.6 thousand level is important in the upward movement. The analyst believes that if BTC manages to hold the current levels and resist falling below $39.6k, the leading coin could rise to $47,000 and beyond.
"Looking on the upside, the sweep is that high here at $42.6k. If this is taken, then I think we can accelerate to $47,000."
Bitcoin price today stands at $41,786.17 with a 24-hour trading volume of $41.721.908,377. BTC price has increased by 3.5% in the last 24 hours. Binance is currently the most active market for BTC trading.