Analyst Michael van de Poppe (Crypto Michael) has released a new Bitcoin price analysis video that says Bitcoin (BTC) can form an increasing triangle on the chart and altcoins are in good condition for now. Analyst says that Bitcoin is probably starting to move from gradual momentum to a gradual rise.
In his video, Crypto Michael said that Bitcoin has finished its decreasing movement and gradually moved into the rising momentum. According to the analyst, the leading cryptocurrency will retest the same levels on the chart, from $ 10,000 to $ 9,000. Now the most important thing for Bitcoin is not to lose 9 thousand 160 dollars of space, otherwise Bitcoin could reverse and bear action could continue.
However, van de Poppe said that this is not possible for now because Bitcoin rose for the first time yesterday after a long time.
For now, the analyst believes that Bitcoin could leap from the current $ 9,322 region to $ 9,380 and rise to $ 9,446 before the BTC could fall for a downward trend.
Altcoins Go Good
The analyst thinks altcoins will be in good condition, as long as Bitcoin stays in a wider range between the current level and the $ 10,000 area. Crypto Michael stated that investors should be worried about “holding the altcoins” if BTC goes above the $ 10,200 area.
According to the analyst, he noted that it is likely to generate an increasing triangular pattern, as Bitcoin will gradually rise. However, it may take a long time for Bitcoin to disintegrate. Crypto Michael said:
“As we said, if this takes a long time, altcoins can be in a great state, as everyone likes.”
In the event that Bitcoin rises above the $ 10,000 to $ 10,000 level, the analyst expects drastic volatility.