- Next week will be crucial for BTC, says crypto analyst Michael van de Poppe.
- If BTC can break above the 200-day moving average after a successful retest, bitcoin price could see a fresh uptrend.
- However, if BTC fails to break this level, it could slide further down to recent lows, with the main target being $25k or lower.
bitcoin price It struggled to reclaim the support above $28,000 and it is currently facing fresh downside pressure above the $27k level.
While the price is looking for a successful retest and bounce from a key technical level, if the price breaks below this level, the bulls could face a deeper correction, an analyst has Thrown light on As a possible make or break scenario for BTC this coming week.
Bitcoin Price: Next Week Could Be Crucial, Says Analyst
Market events over the next week could have an impact on bitcoin price, including key economic data and the US GDP revision, minutes from the last FOMC meeting, and the core personal consumption expenditure (PCE) deflator – the Fed’s preferred measure of inflation.
A decision or vote on debt-ceiling talks is also expected to highlight key market-moving events this coming week. According to Michael van de Poppe, the bitcoin price outlook for the next week is likely to trend in line with the broader market reaction to a busy week ahead.
He says that BTC’s retest of the 200-day moving average has historically signaled an opportunity to accumulate. If BTC can break this level, it could signal the end of the current correction and the start of a new bull run.
Analysts see the next few days as crucial for the bulls, suggesting that this could be a “make or break” situation.
,If you go back to history, a retest of the 200-MA is a great period to accumulate. Over the past 6 months, #Bitcoin has been floating down for a long period of time, causing it to become the most undervalued since its existence. Next week is make-or-break. bullish breakout to the upside -> end of correctionVan de Poppe tweeted.
If you go back to history, a retest of the 200-MA is a great period to accumulate.
In the last 6 months, #bitcoin has been floating down for a long time, making it the lowest rated since its existence.
Next week is make-or-break. Bullish breakout to the upside -> end of correction. pic.twitter.com/LCVyLiBm8i
— Michael van de Poppe (@CryptoMichNL) May 20, 2023
The 200-day moving average is a long-term moving average that traders often look to for support or resistance levels. BTC breakouts from the 200-day moving average have often seen the bulls take control.
If BTC can break above the 200-day moving average, it could reach $35,000 by the end of the week. However, if the bulls fail to stop the marauding bears, a retest of the $25k region is possible.