Crypto

Bitcoin hurtling towards $30,000? Leading Crypto Trader Describes Possible Scenarios For BTC After Price Drop

Cryptocurrency analyst Mikael van de Poppe outlines possible next moves for Bitcoin (BTC) after Thursday’s price crash.

In a new strategy session, Van de Poppe told his 165,000 YouTube subscribers that bitcoin had “broken through some support levels” on Thursday after stock indices plummeted.

“Because the movement itself is so impulsive, it usually requires liquidity below [$37,000] and as it resulted in cash being taken below those lows [$37,000]he started pulling even harder, which resulted in this big jump in volume.

Van de Poppe also points out that the May 5 corrective move resulted in the biggest increase in volume on the two-hour chart since December, when Bitcoin crashed from $56,000 to $42,000.

Bitcoin is trading at $36,117.66 at the time of writing. The top-ranked cryptocurrency by market capitalization has fallen over 6.5% in the last week and almost 17% in the last 30 days.

Van de Poppe says Bitcoin needs to recover $37,500 to show signs of life. Van de Poppe says a recovery at $37,500 could inspire a move to $40,500.

The trader also describes his bearish scenario.

“The three levels I see are the $36,300, $34,800 and the $32,000 area, and if they reach that, we will likely break the $30,000 daily block.”

Bitcoin is currently down about 47.7% from its all-time high reached in early November 2021.

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