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Bitcoin bulls beware: Crypto trading expert locates next major hurdle

Bitcoin bulls beware: Crypto trading expert locates next major hurdle

Bitcoin’s (BTC) recent performance has been nothing short of impressive. After breaking above the key resistance level of $30,000 for the first time since June 2022, the digital currency has continued to climb, registering a staggering 80% year-to-date gain and briefly breaking above $31,000. 

This has happened despite significant uncertainty in the banking industry and the wider financial markets. The fact that Bitcoin has managed to maintain its upward momentum in such challenging conditions is a testament to its resilience despite lingering doubts from some critics, the digital currency has proven itself to be a viable investment option for many, and the market has responded accordingly.

Crypto trading analyst Michael van de Poppe noted in a tweet on April 14 investors should brace themselves for some shallow corrections along the way. The digital currency has shown great strength, but there’s always the possibility of setbacks, and it’s important to be prepared.

According to van de Poppe, one of the key resistance points to watch out for is $31,700 – $32,000. This level has proved to be a tough nut to crack for Bitcoin in the past, and it could be a significant obstacle to the digital currency’s upward momentum. With investors closely watching the market, the price may face some downward pressure at this level.

Bitcoin’s next resistance level. Source: Michael van de Poppe

Bitcoin entry points to look out for

At the same time, van de Poppe observed that $25,000 was previously seen as the ideal buy level. However, this level is expected to shift to $28,500 in the near future. When this happens, investors who are looking to enter the market at a discount should keep an eye out for this level as a good entry point.

Moreover, van de Poppe also highlighted the importance of $29,700. This level is just below the critical resistance point of $31,700 – $32,000 and could provide an important clue for Bitcoin’s upward potential. 

Bitcoin’s technical analysis (TA) on TradingView’s 1-day gauges are bullish; its summary aligns with the ‘buy’ sentiment at 14, resulting from oscillators pointing at ‘sell’ at 4 and moving averages (MA) indicating a ‘strong buy’ at 14.

Bitcoin technical analysis 1-day gauges. Source: TradingView

Currently, Bitcoin is trading at $30,733, up over 1% on the day and a further 10% across the previous week, with a total market capitalization of $594 billion, as per the data retrieved by Finbold on April 14.

Bitcoin 1-day price chart. Source: Finbold

Notably, with a historical accuracy of 83%, the crypto community said the price of Bitcoin by the end of April would trade at an average price of $23,561, while the machine learning algorithms predicted a price of $30,697 for the same date.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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