Bitcoin Hits New All-Time High: Crypto Analyst Predicts $40K+23. June 2023
• Crypto analyst Michaël van de Poppe is updating his outlook on Bitcoin and the altcoin markets after a huge week of gains for Bitcoin.
• Van de Poppe expects Bitcoin to reach a consolidation point soon, which would be good for altcoins. He also believes that BTC will continue toward $40K in the near future.
• The crypto analyst says we are at the “depression” stage of the altcoin cycle and volume is slowly picking up.
Bitcoin Reaches All-Time High
Crypto trader Michaël van de Poppe tells his 658,100 Twitter followers that with Bitcoin (BTC) dominance increasing rapidly, it will likely reach a consolidation point soon, which is good for altcoins. BTC is worth $29,757 at time of writing, up 19% in the last week.
Van de Poppe’s Outlook and Prediction
Based on Van de Poppe’s interpretations of BTC’s 200-week moving average (MA) and exponential moving averages (EMA), he expects BTC to overall continue toward $40,000. He states that “Most likely this is the first real impulse in this cycle on Bitcoin” and believes that “through that, the 200-Week MA and EMA are holding as support and a big bounce occurred + institutional interest.”
Altcoin Markets Facing ‘Depression’
Looking at the altcoin markets, Van de Poppe says we are at the “depression” stage of the altcoin cycle. He notes that some coins have already started to pick up pace while others still need to follow but volume is slowly picking up as people expect more pain to come for crypto markets.
Van de Poppe’s Recommendation
Van de Poppe recommends an optimal entry point into Bitcoin at $28500 if it starts to consolidate soon. This could open an opportunity for increased investment in other cryptocurrencies or altcoins as well as prepare investors for potential prices reaching up towards $38k-$42k over time.
In conclusion, following Michaël van de Poppes analysis on Bitcoin reveals insight into what could be expected from current market conditions based on technical indicators such as 200-week moving average (MA) and exponential moving averages (EMAs). Additionally his outlook suggests Altcoins may experience relief when BTC reaches its next consolidation point with potential prices reaching upwards towards $38k-$42k if current momentum continues through institutional investment .