Trader places Bitcoin around $38K suggesting an optimistic breakout

Trader places Bitcoin around $38K suggesting an optimistic breakout

The crypto-currency market has been in a down trend for a while now, and Bitcoin has been its worst performer. As a result, a lot of traders are hoping for a turnaround in the market with a nice breakout. If we look at Bitcoin’s chart, we can clearly see that the price of the coin has been stuck in a tight trading range between $25,000 and $28,000.

The Current price of Bitcoin is around $3800. This is a WIDE trade that is only made up of a few stocks. Traders watch for a trend line for the most part. The Trend line is a move line that has been drawn to show where a trend is going to go. This trend line is a major indicator that traders look for when trying to predict an upcoming trend. A major trend line is a move of a certain amount of price for a few days.

TL;DR Breakdown

  • Michaël van de Poppe, a popular trader, predicts Bitcoin around $38K in the coming days.
  • Another trader, Rekt Capital, claims that the $33K support will lose to the selling pressure.
  • According to Poppe, altcoins will leave Bitcoin behind in terms of gains as BTC will trade at $38K.

For consecutive eight weeks, i.e., for around two months, Bitcoin has been continuing its journey below a prominent moving average, giving hopes of traders that bulls might take charge one day. Various predictions are being circulated in the crypto world, the most recent one coming from a prominent trader, Michaël van de Poppe.

The predictions made by the trader places the price of the world’s biggest cryptocurrency, Bitcoin, around $38K in the coming weeks as he claims that a major breakout is lurking around the corner for the currency.

Bitcoin around $38K despite Grayscale Unlocking?

The Grayscale Unlock has put traders in fear of losing money, and according to a prediction by JP Morgan, it is possible that the largest Grayscale Unlock might put Bitcoin prices below $25K. According to other popular traders, it is highly unlikely that Bitcoin will go below $38K.

Throughout this weekend, the coin has traded in the range of $33K, and a good momentum was slowed down as the new week dawned upon the crypto market. The optimistic prediction of Bitcoin around $38K might become true if Bitcoin is able to hold its position above the support.

The position on Binance shows that there is a huge resistance at $35K while similar strong support at $30K.

Bitcoin price chart
Source: Tradingview

Trader places Bitcoin around $38K suggesting an optimistic breakout

What about altcoins?

According to Poppe, Bitcoin will be around $38K, and due to this upward movement of Bitcoin, the altcoins will see a huge gain too. The gains of altcoins will surpass that of Bitcoin in the coming days.

Rekt Capital on Twitter claims that,

“If this HL isn’t reclaimed as support soon, the sell-side pressure on the 50 WEMA may be too much for $BTC to hold here.”

For now, we will have to wait and see what happens as 42,000 BTCs will get released following the Grayscale Unlocking in the month of July.

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