Here’s Why Bitcoin and Ethereum’s 2023 Bull Rally Is Far From Over
The post Here’s Why Bitcoin and Ethereum’s 2023 Bull Rally Is Far From Over appeared first on Coinpedia Fintech News
Michaël van de Poppe, a well-known analyst, believes that Bitcoin (BTC) and Ethereum (ETH) will maintain their upward momentum despite recent corrections in the broader crypto market. In a recent YouTube video, Van de Poppe shares his insights on the potential retracement levels and critical support areas for both cryptocurrencies.
Bitcoin Retracement and Key Resistance Levels
Van de Poppe predicts that Bitcoin may retrace to as low as $26,600 before resuming its uptrend. He identifies the range between $26,600 and $28,000 as potential entry zones and suggests that these levels must hold for the rally to continue. He emphasizes the importance of patience, noting that markets take time to rally again.
The analyst also highlights the importance of a key resistance level for Bitcoin to signal the end of the corrective move. According to Van de Poppe, Bitcoin bulls need to break through $27,800 as the resistance point for a trend reversal, noting that $28,800 is not crucial. At the time of writing, Bitcoin is trading at $27,417.
Ethereum’s Critical Support Level
Regarding Ethereum, Van de Poppe believes that the cryptocurrency is still in a macro uptrend as long as it trades above a critical support level on the weekly timeframe. He says that even if Ethereum experiences a corrective move down to $1,800, the asset could still be considered in an upward trend, and the rally would not be over. Ethereum is currently valued at $1,827.
Related: Ethereum Poised to Surpass Bitcoin in Next Bull Run: Here’s Why and How – Coinpedia Fintech News
Ethereum’s Underperformance Contradicts Institutional Investment Flows
An interesting aspect of Ethereum is its underperformance compared to Bitcoin, which contradicts institutional investment flows over the past week. According to CoinShares’ latest report, Ethereum funds attracted $17 million in the week ending April 21, while Bitcoin experienced a $53.1 million outflow.
James Butterfill, head of research at CoinShares, attributes the inflows to increased investor confidence following the successful implementation of the Shapella upgrade, adding that the investments came exclusively from Europe.
Do you agree with Van de Poppe’s predictions for BTC and ETH?
