After weeks of Bitcoin bulls struggling with $20,000 range, the star cryptocurrency has regained its next crucial level of $21,000 area. This indicates that investors have spiked buying pressure which might push the price further.
At the time of writing, bitcoin is trading at $21,402 after a 4.15% increase over the past 24 hours. The next resistance is near the $21,450 level and the support is near the $21,350 level.
Also a popular crypto analyst and trader Michael van de Poppe informs his 639,100 Twitter followers that Bitcoin is in a favorable condition for a bull rally. He says that the flagship currency will soon see a jump of 40%.
bitcoin price $30,000
His claim comes as the value of the US dollar falls and the value of bitcoin exceeds $21,000. Van de Poppe says that in the coming weeks, the Qing currency will rise to the limit of $30,000.
As per the strategist, Bitcoin will move towards $22,500 and the currency will slightly fall back before claiming $30,000. He says this will be an opportunity to invest.
On Friday, November 4, the US Department of Labor released unemployment figures that increased 0.2% to 3.7% in October 2022. Therefore, the analyst is of the opinion that Bitcoin will see increased volatility. He also says that if he goes long, he will be eyeing a target of $20,300.
Van de Poppe ends his analysis with a statement that says if Bitcoin flips its movement, there will be a massive volatility which will see huge trade opportunities.
