It’s been just revealed that Bitcoin is about to see a fresh price rally. Check out the latest reports that are coming from an important crypto analyst below.
Bitcoin price prediction is out
At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $21,289.
A really popular crypto analyst says conditions are right for Bitcoin (BTC) to begin a significant rally.
Crypto trader Michaël van de Poppe said recently that a 40% jump for Bitcoin is likely in the short term.
His prediction comes as BTC was able to jump into the $21,000 price range and as the US dollar has weakened in value according to the US dollar index (DXY). The analyst also made sure to highlight the fact that Bitcoin may hit $30,000 within weeks.
“DXY is tanking. Yields are ready to drop. Bitcoin at $21,000. It’s time for the run towards $30,000 in the coming weeks.”
He says that Bitcoin is likely headed next to $22,500. He also talked about a short dip and said that this would give people another investment opportunity.
“And, just like that, Bitcoin took out all the highs, volume is increasing and it’s back above $21,000. I’m assuming we’ll continue towards $22,500 from here, but have a slight correction before continuing (as we took out all the liquidity). Buy the dip season.”
This catalyst could flip Bitcoin bullish
It’s been just revealed that there is a crypto strategist who says Bitcoin (BTC) may remain stuck in a bearish market until the hawkish US Federal Reserve pivots.
In a new strategy session, Kevin Svenson said that there appears to be a strong correlation between the S&P 500 stock market (SPX) and how Bitcoin’s price performs.
“Whenever there’s stock market volatility, Bitcoin’s in a strict downtrend. Even when the stock market is unstable and it’s seeing higher highs, lower-lows Bitcoin does not find support on those bounces. It’s just in a strict downtrend. People are very hesitant to bullishly bet on Bitcoin when the stock market is volatile.”