© Reuters. The trader sets his long entry target for Bitcoin (BTC) at $21,000
- Michael van de Poppe published his technical analysis for BTC yesterday.
- The trader said he would look to enter a long position when the price of BTC reaches $21k.
- The price of BTC could start to rise if inflation rates start to fall.
Well-known crypto trader, Michael van de Poppe, tweeted yesterday his analysis for the crypto market leader (BTC). The tweet included a link to a Youtube video in which an analyst shared his target levels for the price of BTC following the SEC’s crackdown on centralized exchange stakes.
According to the trader, BTC’s daily chart shows that Bitcoin is currently in a correction period. However, he stated that this correction could be short-lived. Michael van de Poppe said that BTC price of $21,000 will be a good entry point for a long position, but warned that there is still a possibility that BTC price could fall to $19,700.
The trader also said that he is bullish on the crypto market given that inflation rates may come down soon. If this happens, the price of BTC will enter a period of consolidation in the coming weeks before rising.
At press time, the price of BTC is up 0.69% from…
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