Bitcoin Faces Make or Break Moment – Is $20,000 or $40,000 next?

Noted crypto analyst Michaël van de Poppe suggests that the upcoming days could be a turning point for Bitcoin (BTC), based on its performance against the 200-week moving average (MA). He predicts that if Bitcoin manages to reclaim a key support level, it may ignite rallies, but failing that, it could decline to as low as $20,000.

Van de Poppe believes that if Bitcoin reclaims a key support level, it could begin a new bull cycle towards an all-time high of $40,000 or more, but if it fails to hold the support level, it could be headed towards lower prices.

The analyst stated, “The reasoning behind this is that the 200-week MA (Moving Average) has been a critical level of support/resistance for multiple years now. Currently, we can see that the price is still bouncing off this MA and is thus far managing to reclaim higher levels.”

He added, “If we reclaim the $11,200 level as support, we will likely ignite a new bull cycle and target $40,000. If we lose the $11,200 level, the next major area of support is found at $10,000 and the next one is $8,800.”

Van de Poppe concluded that “we will make the decision in the upcoming days” and that “the next few days could be turning points” for Bitcoin.

Robert Wilson
Robert Wilson author

As the overseer of NicheBot's editorial content, I am committed to ensuring that all information published on our website is both accurate and relevant to our readers. My fervent support for the crypto industry has led me to closely monitor the developments within it since 2012, and I have contributed extensively to discussions and debates surrounding the world of Bitcoin.

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