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.

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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.

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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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