Michael van de Poppe, renowned analyst, trader, CEO, and founder of Eight Global, provided a short-term forecast for the price of the flagship cryptocurrency, Bitcoin (BTC) As of January 6, 2023, traders are not too keen on going long. longs.
Experts advised against opening too many long positions. According to analysts, the price of BTC needs to stay above $16,600 for a few days to gain confidence in the future. If not, the price will drop to a local low of $16, 000. Otherwise, the upward momentum will be maintained and we can talk about new highs.
Van de Poppet said it is possible to open and sell long positions just below $17, 000. According to the expert, the theoretical possibility of a bullish rally has increased significantly recently. This is due to news coming out of the U.S.
Strategists assured that such a scenario is only a matter of time . It all depends on when the Federal Reserve (Fed) announces that it will halt its repressive policy toward interest rate hikes and reports that global inflation has fallen. At the time, according to Van de Poppe, there would have been temporary relief before the recession .
He was very positive and said he had no doubt that all would be well as long as BTC remained above $16, 600. The expert advised traders to pay attention to the U.S. unemployment report, due out on January 6, 2023, and not to trade like crazy using leverage.
At 1 p.m. Moscow time, digital gold was at $16, 786. It lost 0.09% of yesterday’s value. The total market value of the asset was $323.22 billion.