Van de Poppe tells his 162,000 YouTube subscribers that based on the Fibonacci extension tool, Bitcoin could surge by over 30% from the current levels to a new 2023 high of up to $41,000.
“In order to continue this uptrend, which usually is a bull cycle uptrend like we see here, is that you want to get a new clear higher high.
There are a few gateways how you can define those which is you can start defining it by the Fibonacci extension tool based on the previous corrective move…
So in that case we can start looking at a rally towards $41,000.”
On Bitcoin’s likely next cause of action after recording a new 2023 high late last month, Van de Poppe says,
“This previous yearly high we established in April, we’ve taken it out. So we’ve got this previous high and we are building up towards upwards momentum before we start breaking to the upside…
What is going to happen [next]? Scenario one: we take out both of these highs [around $31,500] and fall back beneath, have some consolidation before we start to rally.
The second one is that we just consolidate and then we start to accelerate quite fast in the coming few months having that standard rally in the Bitcoin price action. And then we get towards the period where we’ve got all these highs through which it is very likely that we’re going to take out the high here [around $42,500] too.”
Bitcoin is trading for $30,737 at time of writing.