Michael van de Poppe bases his opinion on the recent growth of the first cryptocurrency and the Fibonacci levels.<br
“In order to continue the uptrend we call a bull cycle, bitcoin needs to make a new and clearer high. There are several points that will allow you to determine the possibility of further growth with the help of Fibonacci levels. And now I would say there is a rally to $41,000,” the analyst said.
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He added that the previous yearly high for BTC was surpassed in April. And now we are seeing higher and higher highs, and traders are building up the upward momentum and positions;
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“There are two possibilities – a rise above the current high and then some consolidation and a pullback before a rise. Either a consolidation at current levels and then accelerating growth over the next few months. This is fairly standard behavior for bitcoin. And then we’ll go to $41,000 or even $42,500,” the analyst told his subscribers.
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Van de Popp warned in May that the halving of the popular Litecoin altcoin was coming, which could push the coin to new heights.