Van de Poppe
used the Fibonacci extension tool, which analyzes past corrective movements, to
make his prediction.
He went further
to give two Bitcoin’s possible next action.
The first
one is the possibility of Bitcoin exceeding the recent highs of around $31,500,
which acts as a critical resistance level.
After
surpassing the resistant level, Bitcoin may experience a short-term slide and
consolidation phase before initiating a new rally.
This
consolidation will make it possible for the market to stabilize and possibly
gather more bullish momentum.
The second
possibility is that Bitcoin could consolidate soon without breaking the recent
highs.
However,
after this consolidation phase, Bitcoin may snowball rapidly in the coming
months, transcending previous highs, including the $42,500 level.
He
concluded, “So in that case we can start looking at a rally towards $41,000.”
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