- Crypto Market Analyst Michael van de Poppe has identified a critical $41,000 support level for Bitcoin
- He theorized that altcoins could start performing better if Bitcoin reaches $46k.
- Van de Poppe believes Ethereum may be stuck in a sideways movement unless it can exceed $3,100.
Crypto strategist Michael van de Poppe has shared his thoughts on the upcoming market movements, as per the consensus of the crypto market.
Bitcoin
Speaking about the leading cryptocurrency, Van de Poppe said in a YouTube video that the coin is hovering around a key support level which will decide its direction in the near term. Notably, $41,000 has been an important price point for Bitcoin, and the analyst explained that if this level is maintained, then Bitcoin could be on its way to testing $46,000. He added, however, that if the support is not found, then Bitcoin may be headed towards a market crash, possibly establishing new support levels at $37k or $34k.
“If we are looking at the daily time frame, we are also looking at a very important level that we are leaning on and that is the area around $41,000. This little bit of blockage is technically the area that you should be watching, whether we find support or not. If that one is going to be lost in the next week or weeks, all the construction is going to be lost.”
Van de Poppe also stated that if Bitcoin fails to break the $46,000 barrier, its value may be subject to further testing, resulting in lower lows or even previous lows.
Altcoins
The crypto strategist said that he will return to altcoins following Bitcoin testing $46,000. He explained that this confirmation is usually the trigger for altcoins exhibiting better performance in the markets.
“…If we do that, I assume that we are going to see more upward momentum and that is also the time that I am going to dive back into altcoins as we are going to reclaim a higher time frame.”
Ethereum
The analyst predicted that the second largest crypto asset may endure a period of sideways movement before it can make any gains. He noted that this is usually the time of resistance, except in cases when the token is worth more than $3,000.
“We have two large orders blocks [$3,100 and $4,000] on the weekly time frame, which is when resistance arrives and that’s [$3,100] the one we currently reject. In this case, I think we will have a longer time of sideways action before we can get back on the road. Ethereum must recapture the $3100 level.”
At the time of writing, Ethereum is trading at $3,051, up 6.25% in the last 24 hours. Similarly, according to CoinMarketCap data, Bitcoin has seen its price rise 3.53% to $43,715. Solana and Avalanche are the top gainers among the top 10 altcoins, with both recording price increases of 8%.
