©Reuters. Trader sets his Bitcoin (BTC) long entry target at $21,000
- Michael van de Poppe tweeted his technical analysis for BTC yesterday.
- The trader shared that he will try to enter a long position when the price of BTC reaches $21,000.
- The price of BTC could start increasing if inflation rates start falling.
Renowned crypto trader Michael van de Poppe tweeted his analysis for the crypto market leader (BTC) in a tweet yesterday. The tweet included a link to a YouTube video in which the analyst shared his target levels for the price of BTC following the SEC crackdown on staking on centralized exchanges.
According to the trader, BTC’s daily chart shows that Bitcoin is currently in a corrective phase. However, he explained that this correction could be short-lived. Michael van de Poppe shared that BTC’s price hitting $21,000 will be a good entry point for a long position, but warned that there is a chance BTC’s price could drop to $19.7,000.
The trader also shared that he is optimistic on the crypto market as inflation rates may drop soon. Should this happen, the price of BTC will enter a consolidation phase in the coming weeks before recovering.
At press time, the price of BTC is 0.69% above the…
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