Mi. Jul 24th, 2024

• Michael van de Poppe, a renowned cryptocurrency expert, has predicted that Bitcoin could surge more than 50% and reach $40,000 by June 2023.
• Currently, the leading cryptocurrency is trading at $22,726 and faces resistance near $23,200.
• Technical analysis reveals rising selling pressure with potential support at $22,100 and potential resistance near $23,500.

Bitcoin Price Prediction

Michael van de Poppe, a renowned cryptocurrency expert has reemphasized his prediction of an imminent massive surge for Bitcoin. He anticipates that breaking through the resistance level of $23,200 would drive Bitcoin to surge towards the next immediate resistance level of $25,000.

Current Trading Activity

As of writing, Bitcoin is trading at $22,726 and has experienced a 2% decrease in value over the past 24 hours. With a market capitalization of 438.2 billion USD it retains its position as the number one cryptocurrency with a trading volume of 40.7 billion USD.

Technical Analysis

The technical analysis reveals rising selling pressure with potential support at 22,100 USD and potential resistance near 23,500 USD as indicated by RSI and MACD indicators. The 50-day exponential moving average suggests that Bitcoin may face resistance near 23250 USD despite overall bullish trend.

Potential Pullback

Despite anticipating a potential pullback to 21,700 USD Michael van de Poppe acknowledges that increasing trading activity signals growing momentum in favor of bulls which suggests that the leading cryptocurrency may experience a dramatic rise to reach 40K USD by June 2023.

Conclusion

It remains to be seen which direction Bitcoin will take but if it surpasses its current level it might experience an increase in value up to 25K or even 40K USD depending on the overall sentiment in the market and technical analysis readings.

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