Trader places Bitcoin around $38K suggesting an optimistic breakout

Bitcoin around K

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 around $38K
Bitcoin price chart
Source: Tradingview

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.

Parth Dubey

Parth Dubey

A writer, an author, a freelancer with writings in over 50+ niches, an editor, a proofreader, a music enthusiast, a YouTuber, a podcaster, and someone, who puts consistent efforts each day to make sure his creativity is noticed. What's more? I love cryptocurrencies.

Related News

Hot Stories

NFT collaterals soar on BendDAO: Is the NFT market about to collapse?
New Coins Coming to BitMart: Top Picks from Projects
Jordan Forex Expo & Awards (JFEX) is coming again for the 21st time!
Dubai’s top Crypto Event of the year – “Crypto Fest 2022”, is happening on 19th & 20th October 2022
Best Twitter thread of the day - August 18th

Follow Us

Industry News

Best Twitter thread of the day - August 18th
Top tweets of the day - August 18th
Redditor create a bot for crypto price predictions
Korean police set to accept crypto for traffic fines after 88% program success
How to bridge to Dogechain?