Bitcoin price explodes while analyst warns of bulltrap, Ethereum price soon $ 440 and Ripple price on the downward path?
Well-known crypto analyst and trader Michaël van de Poppe recently warned crypto enthusiasts that the Bitcoin price and the broader crypto market are not yet ready for the big breakthrough.
The analyst believes the recent surge in Bitcoin price to $ 12,000 is most likely a bull trap
The $ 12,000 area is a critical barrier that we must break in order to continue this upward move. However, I am not yet convinced that we will do this at this point as we are nearing the resistance area which is between $ 11,900 and $ 12,500 with no volume. So this whole upward move is actually being fueled by people selling their altcoins to hop on the BTC train.
Van de Poppe believes that the Bitcoin Bank price will continue to consolidate as the important resistance zone of $ 12,000 has to be respected. This could lead to the fact that the price of Bitcoin could break down again.
I expect rejection in the range of $ 11,800 to $ 12,050. After that, we lose $ 11,800 and get some more bearish momentum through which we can see some more movement within the range. Are we going any further down? I’m not sure, but I think we should be able to test the $ 10,600 range.
Yesterday’s Bitcoin price increase should make it clear that von der Poppe was wrong with his assessment. The price per bitcoin skyrocketed to as high as $ 13,200, where it met with strong rejection.
Ethereum course could soon test the $ 440
As for the Ethereum course, Van de Poppe is a little more positive.
Based on the daily time frame, ETH / USDT, we can see that we have a significant zone of resistance that is around $ 380- $ 395, which doesn’t look like we will see a break through that level at this point. We are in the process of consolidating.
In contrast to the Bitcoin price, the analyst believes Ethereum will have more bullish momentum. Nevertheless, Van de Poppe warns against a possible renewed correction.
If we break that $ 380 to $ 395 level, we will test $ 440 in my opinion. But based on a weekly timeframe, we could also say that we have a rising wedge construction here that would make retesting those lower zones (around $ 340) not unlikely and very healthy for a market.
XRP course points south
The crypto trader is also bearish on the XRP price. According to Van de Poppe’s diagram, Ripple’s native token can potentially lose over 16% of its value as it should drop from $ 0.24 to $ 0.20.
This (XRP), and the markets in general, are showing another bearish that is to come. In that case, if this construction breaks south I would be interested to look for longs around $ 0.195-0.205 first.
Ripple and XRP course
Unlike Van de Poppe, who is short-term bearish on BTC, a number of analysts believe BTC is poised to break the $ 12,000 mark and beyond. The next few days and weeks will reveal who is right in the end.
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