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Bitcoin could be gearing towards $56,000

Throughout the month of March, bitcoin saw a spectacular rally before retracing in the first week of April. Despite this setback, expert Michal van de Poppe identified a critical level of resistance for a percée on Friday. He believes that by crossing this level, bitcoin will be able to easily reach the 56 000-dollar barrier.


Bitcoin


Investing in 46 881 dollars or 36 000 dollars

Michal van de Poppe has identified a critical level of resistance to the alentours 46 881 $ by taking into account bitcoin's recent haussière dynamic during the last 30 days. « Bitcoin is approaching a critical level that must be tested if it is to continue to rise, potentially to 56 000 dollars », he stated. However, on April 7, the analyst had noted that the stock had failed to maintain its 44,700-dollar level and had begun to fall. He also predicted that bitcoin's inability to break over the 46 881 $ level will be followed by a sharp drop.

Bitcoin is now experiencing a significant price drop. If we keep it, everything appears to be in order, and he appears to be ready for another step up to 57 000 dollars. If we don't do it, I expect a test to cost around $36,000, he said. During this time, cryptocurrency trader Rekt Capital announced that the market was testing two key EMAs (exponentially movable averages) again. « Bitcoin is currently testing two EMA pivots from the haussier market as support for the second time. It's the EMA at 50 weeks and the EMA at 21 weeks, he explained.


A possibility arising from the Bitcoin 2022 conference

Following a market-wide decline at the start of the year, bitcoin is currently experiencing a rare period of stability. This might be reinforced if any significant new information emerges from the world's largest bitcoin conference. The event now taking place in Miami is the same one where Salvador's president said last year that his country will embrace bitcoin as legal tender.

One of the most important announcements made at the Bitcoin 2022 conference was that made by Jack Mallers on the use of the Ligthning network to facilitate bitcoin payments. It's actually a Strike project in collaboration with Shopify, NCR, and Blackhawk Network. She should make it possible for all websites that use Shopify's online credit card processing to accept bitcoin payments. However, the impact of this announcement on the price of bitcoin has yet to be seen.

In the meantime, bitcoin is trading in the vicinity of 42 270 dollars at the time of writing this piece, representing a drop of about 10% over the previous week. Despite the analyst's optimistic outlook, the action appears to be far from the goal set by Michal van de Poppe.


Source: Finbold

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