Cryptocurrency analyst and trader Michaël van de Poppe is expressing bullish sentiment on Bitcoin (BTC) as 2022 comes to a close.
In a new strategy session, Van de Poppe tells his 164,000 YouTube subscribers that Bitcoin is currently exhibiting a bullish chart pattern, which could break out to the upside in 2023.
According to the crypto analyst, Bitcoin could surge by about 108% from current levels should it take out the diagonal resistance of the falling wedge pattern.
“We are looking at a falling wedge structure for Bitcoin that you clearly want to see breaking out in 2023. And once we do break out of that, we’re going to have to have a rally towards $35,000.”
Bitcoin is trading at $16,827 at time of writing.
In the short term, Van de Poppe says that if Bitcoin drops below the $16,600 support level, the flagship crypto asset could fall slightly below the current bear market low, which BTC hit in November.
“You can conclude that we’re taking out this low looking at a retest of $15,700. And I think that if we’re going to get to that stage where we’re going to have such a correction taking place, we are looking at the sweep of this low ($15,700)…
If we are losing $16,600, I think the odds of sweeping the low of $15,500 is going to be significant. And when we do see that that drop beneath $15,500, I think that’s going to be a serious sweep looking for liquidity and also buyers stepping into the markets.”
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Featured Image: Shutterstock/Philipp Tur