Given bitcoin’s (BTC) bearish trading, which is reflected in much of the crypto market, investors and traders are closely watching the market in search of important levels that the flagship digital asset can break through and move up.
According to crypto trading expert Michael van de Poppe, there are two scenarios that could lead to a bullish fall in bitcoin’s price: the price breaks the $39,300 level and the weakening U.S. Dollar Index (DXY) reaches a high.
In a new video on his YouTube channel, the analyst said that “the price behavior of BTC at this stage is very similar to previous phases of reaccumulation, especially with a combination of current accumulation or flat that has been going on for four months.”
With that in mind, the expert believes that the next move will be upward and the breakout is likely to be large.
There is a level around $ 39,300, which should translate into support, and this could be a trigger for long positions in general,” explained van de Poppe.
In addition, the analyst said that bitcoin should overcome the resistance level of $ 42,000, then it can reach the $ 50,000 mark and then $ 57,000.
In his opinion, if the markets are “really ready for a nuclear attack,” $30,000 could be the final bottom for the market. Looking at the price movement itself, he added, the $39,300 level is also important:
If we hit the low and get back $37,000, or if we get past $39,300 and DXY starts to turn around, I think bitcoin will show some serious growth.