Popular crypto strategist Michaël van de Poppe believes Bitcoin (BTC) can more than double in value next year despite widespread negative sentiment in digital asset markets.
In a new strategy session, Van de Poppe tells his 164,000 YouTube subscribers that Bitcoin is currently trading in a wide range with resistance at $18,600 and support at $12,300.
According to the crypto analyst, BTC bulls need to clear its immediate resistance to gain momentum.
“Anything below $18,600 can be classified as a deviation or can be classified as a trend continuation. If we are unable to obtain more than $18,600, you [can argue that] you’re looking at $12,300. However, the number of people focusing on it right now is pretty heavy, which means we’re probably not going to get there.
Van de Poppe says BTC bulls need to push Bitcoin above a key level to trigger a massive short squeeze.
A short squeeze occurs when traders who borrow units of an asset at a certain price in hopes of selling them at a lower price to pocket the difference are forced to repurchase assets as the trade moves against their bias .
says Van de Poppe,
“If we are able to break $20,600, we are breaking the trend because we are removing those highs ($20,000) and the amount of [short] stops above this high will be enough which means we will most likely have a runner to this block here which is the block at $29,200 and will likely continue to move towards the block around $38,500 like I think we’ll just take cash above here.
As of this writing, Bitcoin is changing hands for $16,878, flat on the day.
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