Top Analyst Shares Key Bitcoin Support Levels to Watch Amid Recent Dip

As the Bitcoin (BTC) market slides away from the bullish trends it started the month with, uncertainty now abounds among buyers, with analysts adjusting their projections.

One such analyst is the veteran chartist Michaël van de Poppe. van de Poppe shared an insight with a likely trend forecast in his latest analysis of Bitcoin’s price movements.

Bitcoin Showcases Clear Pathway

According to van de Poppe, the resilience of Bitcoin to hold its spot price above the $27,000 price mark is very significant for any potential upward rally. 

While holding the price above this support level is deemed necessary, van de Poppe believes a slight correction to the $26,700-26,900 range may be more significant to usher in the next leg of the imminent rally.

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In the chart accompanying the analyst’s post, a psychologically important support level was marked at the $25,700 point. The fact that the top coin has not retested this level since September 11 this year means any form of correction BTC might pull it within a healthy range.

Per his insight, van de Poppe is optimistic that a retest might help bolster the move toward the $30,000 price level.

This bullish projection came despite the slight dip Bitcoin is witnessing at press time. The coin’s price and trading volume have buckled under the current selling pressure. BTC is now worth $27,448.41, down by 1.23%.

Bullish Consensus on Bitcoin Price

Bitcoin remains in uncharted territories with its latest price action. As uncertain as its next growth path is, top leaders in the industry have expressed optimism that the coin is onto great moves in the near term.

Legendary traders Peter Brandt and John Bollinger independently vetted a potential incoming rally in the price of Bitcoin. Besides these duo, van de Poppe has previously teased a likely surge to $35,000, citing the hold in the coin above the $200-day EMA.

The current optimistic predictions in the price of Bitcoin notably overshadow the one bearish claim from a Bloomberg analyst that the coin might retest the support around $10,000 amid rising interest rate growth.

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• Source: https://thecryptobasic.com/2023/10/04/top-analyst-shares-key-bitcoin-support-levels-to-watch-amid-recent-dip/?utm_source=rss&utm_medium=rss&utm_campaign=top-analyst-shares-key-bitcoin-support-levels-to-watch-amid-recent-dip