BTC shoved off its brief negative downward volatility to return to the green zone, trading below $39k as of this writing. Bitcoin’s price action is making crypto expert Michael van De Poppe believe that the flagship coin is on the brink of an upward wild explosion.
The analyst thinks that the current factors could push BTC further up, despite the USD strengthening in the market today. A few hours ago, the dollar gained its highest index point in two decades, which many experts believe could be a bad sign for BTC.
Poppe Pinpoints the Cause of BTC’s Sloppiness
During his market analysis of BTC price charts, Poppe blamed the USD for the sloppiness of BTC based on performance. In his view, he said the correlation of the USD with BTC is strong, which is affecting the coin’s momentum.
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Poppe also blamed the rate hikes announced by Fed Chief Jerome Powell earlier this month for BTC’s choppy performance. He said BTC has been fluctuating along with equities and stocks since the announcement. Poppe thinks the USD will move up by 50 base points, thanks to the upcoming hike.
He said the dollar would top out before the rate hike and then undergo correction because the hike is already priced in. The dollar will correct until it flattens out, and risk assets like BTC will go up.
Poppe added that BTC has been peaking since May, with the USD showing some strength since then. The flagship coin has also been tested numerous times ever since, but the trend has been good. He said the RSI shows upward movement, indicating what everyone should expect of BTC days ahead.
BTC Bracing Up for the Unexpected
Currently, BTC’s liquidity is above the USD, with the RSI also high. Poppe said these factors indicate bitcoin is bracing up for an enormous bull run. However, he is adamant about the OG coin sustaining above the $39k level.
“If BTC sustains above the $39k level, and a flip occurs, we will most likely face the next level of $43k with the USD getting weak.”
Poppe is not the only analyst optimistic about the bullish rise of BTC in the coming weeks. The cryptocurrency community has also predicted a bullish run for the coin come May 31. This community is historically known to be correct in almost all of its predictions, with an 83% success rate. CoinMarketCap data shows BTC is up 0.72% in the last day but down 8% in the last seven days.
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