A crypto trading expert sees Bitcoin’s position as one to monitor ‘for longs’ if consolidation happens
Bitcoin (BTC) is still striving to leave the bear market, despite sustained advances of over $20,000 over the last several weeks. After the flagship cryptocurrency started trading sideways and lost some of its recent gains, investors are searching for the next price objective.
After Bitcoin temporarily surpassed $25,000, cryptocurrency trading expert Michal van de Poppe expressed his thoughts on the asset’s subsequent decline. In a tweet published on August 15, Poppe indicated that the decline is not concerning since it is typical for the help.
In addition, Poppe said that despite the current short-term positive momentum, the market is still influenced by gloomy sentiment, which is exerting short-term selling pressure on the asset. Poppe anticipates an extension of the decline and advises investors to monitor the $23,800 and $23,000 levels for long holdings.
Bitcoin confronts opposition
After surpassing $20,000, Bitcoin has struggled to push and maintain over $24,000, enduring multiple rejections. Since bouncing off the $20,000 support level in July, Bitcoin has mainly traded flat while displaying positive momentum.
Several market professionals believe that Bitcoin may have reached a low and is poised for a rebound in the second half of the year. However, experts remain split over the outlook for the present recovery. Others are less optimistic and anticipate a resumption of Bitcoin’s downward trajectory.
Has Bitcoin reached its bottom?
This comes as evidence shows Bitcoin has likely reached its bottom. In a tweet published on August 15, a cryptocurrency expert with the Twitter handles @TheRealPlanC said that Bitcoin’s important capitulation event, which will likely mark the asset’s bottom, has probably happened around 8.6.
By analysing the Bitcoin Adjusted Spent Output Profit Ratio (SOPR) chart, another crypto expert using the alias CredibleCrypto emphasised the effect of Bitcoin’s forced selling in the past.
The SOPR indicator is an on-chain indicator that compares the emotion of HODLers based on the price at which they acquired Bitcoin to the current BTC price.
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