One of the most popular crypto analysts and traders has come up with an analysis for Bitcoin (BTC) along with some advice for its traders.
The analyst, Michael van de Poppe asks his 627,700 fanbase over Twitter to start Bitcoin accumulation until 2023.
While traders are waiting for Bitcoin to either boom or doom, the analyst believes that nothing can be said now as the overall market condition isn’t good. However, he asks everyone to accumulate BTC till 2023.
Bitcoin Price To Maintain Above $19k
At the time of reporting, Bitcoin is selling at $19,399 with a gain of 3.45% over the last 24hrs. Now as the King currency has reclaimed the $19,000 level, Van de Poppe claims that the currency should maintain this level to see a bull run.
He claims that Bitcoin’s price action is quite confusing with the FOMC event and even he is not sure which direction the currency is moving. However, he asserts that we will see a proper direction soon, but for that BTC should maintain its price action above the $19,000 area.
Furthermore, the strategist says instead of waiting for a price drop at $12,000 or $14,000, he will opt to go long on Bitcoin (BTC) and other cryptocurrencies.
Lastly, he talks about the latest interest rate hike by 75bps and quotes that the crypto market is flashing a positive signal, especially the US Dollar Index (DXY) which is currently tumbling down.
Basically, the DXY is an indicator that depicts the strength of the US dollar, hence if the DXY drops it’s a positive sign for Bitcoin.
Van de Poppe refers DXY chart and claims bearish divergence for DXY.