Bitcoin to Reach $30

Bitcoin to Reach $30,000 by End of Year, Says Crypto Expert

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– Bitcoin (BTC) is currently trading below the $20,000 level, as the market reacts to the positive August United States jobs report.
– Amongst the correction in BTC’s value, the focus is on the asset’s next price action, with some investors suggesting a bottom has been attained.
– Crypto trading expert Michal van de Poppe opines that BTC is likely to briefly correct further before rallying again in the coming weeks.
– Poppe noted that Bitcoin might go to as low as $19,300 while putting the next possible high target at around $28,000 or $30,000.
– With Bitcoin stuck in the range of $19,000 and $21,000, Poppe noted that the situation could result in ‘liquidity grabs’ below the level.
– Poppe also suggested that, for any rally to continue, Bitcoin needs to break past $20,400 and target $21,500.
– Poppe pointed out that there is a likelihood that Bitcoin has hit its bottom and is ready for a rally. However, he stressed that, for the target to be achieved, Bitcoin needs to hold the 200-week moving average in market cap and remain above $19,000.
– Overall, Bitcoin continues to tumble in the wake of the prevailing macroeconomic factors.
– It is worth noting that Bitcoin briefly rallied in the wake of the payroll data driving the general market to reclaim the $1 trillion market capitalization. However, the ongoing correction aligns with several analysts’ opinions that the favorable job market might negatively impact Bitcoin.
– Recent Bitcoin technical analysis indicates the future remains gloomy.

Crypto trading expert expects Bitcoin to correct further below 19k before setting potential rally at 30k Bitcoin to Reach $30,000 by End of Year, Says Crypto Expert

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