A video clip was released to YouTube by the CEO of Eight Global to back his claim that the price of Bitcoin will reach $40,000 within the next several months.
He investigates the performance of the BTC and provides a comprehensive explanation of his findings in the video. A secret disclosure regarding the fluctuation of Bitcoin was made by the chief executive officer.
In particular, he takes into account the manner in which Bitcoin (BTC) continued its pattern after a little pullback. Despite the fact that it was moving in a different direction than it had been previously (either up or down).
Bitcoin prices are rising
In addition to that, taking into account the fact that the price of bitcoin is currently climbing. He anticipates that even after the price has stabilized, which it may do, bitcoin may still continue its ascension higher.
In addition to that, taking into account the fact that the price of bitcoin is currently climbing. In addition, according to Poppe’s projections, the price of bitcoin will see a correction somewhere close to $22,000.
Customers will have an easier time entering the market and making purchases as a result of this change. In the case that the price of bitcoin is likely to go down, you might want to consider hedging your position.
In the case that the price of bitcoin is going to fall down, you might want to consider buying some now. In the year 2020, the observations were carried out during the course of the months of April and May.
In addition to this, he forecasted that if Bitcoin were to break through the barrier of $25,000, it would continue to rise. It would then fire up to $31,000, after which it would stabilize for a small period as people shorted it.
After then, it would start climbing again, this time to a total of $31,000. He forecast that this would happen if the price of Bitcoin hit $25,000 in the previous year.
After that, according to Poppe’s projections, the price of bitcoin would rise to some point between $35,000 and $40,000.
Within the span of three to six months before hitting its maximum value and beginning a precipitous decline from that point onward.
Increasing dispersion between Bollinger bands
If one examines the chart that is provided below, one will see that the Bollinger bands are becoming more spread out. This indicates that there is a possibility of a rise in volatility in the days and weeks that are to come.
This assertion is supported by the fact that the RSI indicator is exhibiting higher lows in conjunction with higher highs.
As a consequence of this, day traders and resellers would wish to pay attention to price movements in the immediate future. So that they may get the most out of the potential increase in their revenues that they can get.
Given that Poppe forecasted that short sellers of the asset would make a profit, traders who were shorting the asset.
On the other hand, investors who took long positions in the market would get a higher rate of return on their capital.
It might be a good idea for traders who were shorting the asset to think about moving ahead with their position. In a market downturn, Poppe’s predicted to drop, currently, $22K, which may be a good entry place for investors.
In the event that Bitcoin is able to sustain a price above $25,000 for an extended period of time. It will be very interesting to see how it approaches the resistance 2 levels as it draws closer to them.
Would it increase exponentially in a matter of no time at all? As CEO predicted, or will it need three to six months to do it as he predicted? Or will the investors bring about a decline in the price of Bitcoin?