• Michael van de Poppe, a renowned cryptocurrency expert has predicted that Bitcoin price may surge more than 50% to reach $40,000 by June 2023.
• Technical analysis reveals rising selling pressure indicated by the RSI and MACD indicators with a potential for a drop to the estimated target of $22,100.
• If Bitcoin surpasses the resistance level of $23,200 it may reach as high as $25,000 with an overall bullish trend.
Bitcoin Price Predicted To Surge More Than 50%
Renowned cryptocurrency expert Michael van de Poppe has reemphasized his prediction of an imminent massive surge for the leading cryptocurrency Bitcoin.
Current Trading Activity
As of writing, Bitcoin is trading at $22,726 below the resistance level of $23,200 identified by van de Poppe. Despite anticipating a potential pullback to $21,700 he acknowledges that increased trading activity signals growing momentum in favor of bulls.
Technical Analysis
With a market capitalization of $438.2 billion and a trading volume of $40.7 billion; technical analysis reveals rising selling pressure indicated by the RSI and MACD indicators potentially leading to a new low of $22,050 in the near future.
Potential Resistance Level
The 50-day exponential moving average suggests that Bitcoin may face resistance near $23,250 despite its overall bullish trend. If it surpasses this level it may reach as high as $25,000 indicating potential increase in value.
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Conclusion
If Bitcoin breaks through the resistance level of$ 23200 it could drive its price to surge toward an immediate targetof$ 25000 and further up to$ 40000by June2023accordingtoMichael vandePoppe’sprediction.
