Trader Expects a Bitcoin Price Breakout this Week, with a $38k target

Michaël van de Poppe, a famed crypto day/swingtrader, is confident that the coming days will bring an upside for BTC/USD despite uncertainty about Grayscale. For the eighth week in a row, Bitcoin (BTC) closed beneath a key moving average this weekend. Despite all this, one analyst is confident of a breakout this new week.

Grayscale Worries coupled with Bitcoin Balance Breakout

TradingView data shows that BTC reversed its weekend gains on Monday. This came after a disappointing weekly close. In the past few days, BTC maintained its famous trading range with $33,000 being its support on Saturday and Sunday. The new week however, did not keep up with the momentum and somewhat dampened BTC’s pace.

Rekt Capital, a popular analyst and trader, insisted on the crypto scene making good progress for Bitcoin bulls to last longer and avoid any fresh losses.

Using a series of tweets, the analyst summarized that for BTC, the blue 50-week EMA held its position as support.

BTC/USD 1-week candle chart with 50-week exponential moving average. Source: Rekt Capital/Twitter

Imminent Breakout?

Other crypto influencers saw possibilities of BTC regaining its famed momentum. Fellow trader, Michaël van de Poppe, uploaded a video updating his subscribers of a possible Bitcoin price breakout within days.

In the video, he could be heard forecasting, “I believe that Bitcoin is going to make a breakout to the upside.” He even added, “I would not be surprised if Bitcoin is going to trade around $38,000 during the days of this week.”

Examining Binance, the major exchange, reveals that BTC’s buy and sell levels are forming resistance at $35,000, while the overall support sits at $30,000.

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BTC/USD buy and sell levels (Binance) chart. Source: Material Indicators/Twitter

Altcoins Might Benefit from the Breakout

Michaël mentioned that altcoins might benefit from this movement, since they can capitalize on the bullish sentiment early. In the past, Michaël argued that it would only take a few months for altcoins to outperform the speed of Bitcoin’s gains.

His tweet on Friday mentioned that altcoins are also close to a bottom.

Towards the end of the week, altcoins saw flat performance, as well as little changes in the start of the new week.

There seems to be no evidence of strong sentiment in either direction. This is an indicator that maybe external factors might give cryptocurrencies the nudge they require to influence their price action.

Maybe the Grayscale unlocking series might be that external factor crypto enthusiasts are waiting for since this project involves approximately 42,000 BTC in July alone.

Image courtesy of pixabay

Edwin Kinoti

Edwin Kinoti

Edwin is a naturally curious person with a deep interest in blockchain, finance and new tech, fields which he dedicates his time to researching and documenting.

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