Renowned crypto strategist and trader Mikael van de Poppe is confident that the price of bitcoin will skyrocket to $ 40,000.
In his tweet, Van de Poppe writes:
Bitcoin breaks up and comes close to minethe second point of the Fibonacci level is about $ 25,800. The higher we go, the higher the next momentum will lift us. If $ 25,800 is a local top, the next momentum could bring BTC closer to the $ 40,000 mark.
Over the past few weeks, Bitcoin has demonstratedparabolic growth, while each fall is paid off rather quickly. Therefore, according to the analyst, the current BTC bull cycle is different from the one that was three years ago. The 2020 market is heavily influenced by institutional investors, not retailers as it was in 2017.
BTC is now showing many positivesigns above the support zone of $ 26,000. Over the weekend, the bulls continued their run and the price of BTC renewed an all-time high of $ 28,378, breaking the resistance level highlighted by the analyst.
Van de Poppe warns that a significant pullback will follow after a vertical move up. Therefore, he urges traders to be careful.
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