Michael van de Poppe told his readers on Twitter that a successful retest of this support level could be the end of the correction and consolidation of the first cryptocurrency.
Therefore, at this level, it is worth buying bitcoins.
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“If you look at past periods, the retest of the 200-day moving average has always proven to be a great time to accumulate bitcoins.
Over the past six months bitcoin has been below this indicator for a long time, making it undervalued.
The next week will be key – a quick retest and a bounce up will mark the end of the correction of BTC,” – says the cryptoanalyst.
Michael van de Popp believes that for confirmation of future growth bitcoin needs to consolidate above $27 000: it will show the mood of bull investors.
If BTC can not conquer and hold the mark, then, most likely, it will roll back to $26 000 or $26 500. By afternoon Monday, May 22, the first cryptocurrency is trading at $26 800.
Earlier, Michael van de Popp said that the U.S. banking crisis could trigger bitcoin’s rise.