Cryptocurrency analyst and trader Michaël van de Poppe expresses bullish sentiment on Bitcoin (BTC) as 2022 draws 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 that could break out to the upside in 2023.
According to the crypto analyst, Bitcoin could surge about 108% from current levels should it clear the falling wedge pattern diagonal resistance.
“We are looking at a falling wedge structure for Bitcoin that you clearly want to see break out in 2023. And once we break out of that, we must have a rally towards $35,000.”
Source: Van de Poppe/YouTube
Bitcoin is trading at $16,827 at the time of writing.
In the short term, Van de Poppe says that if Bitcoin falls below the $16,600 support level, the flagship crypto asset could easily fall below the current bear market low that BTC hit in November.
“One can conclude that we are taking this low out by looking at a retest of $15,700. And I think when we get to the stage where such a correction will happen, let’s look at the trajectory of that low ($15,700)…
If we lose $16,600, the chances of breaking the $15,500 low will be significant in my opinion. And if we see that drop break below $15,500 I think that will be a serious search for liquidity and also for buyers to enter the markets.”
I
Don’t miss a thing – Sign up to receive crypto email alerts straight to your inbox
Check the price action
follow us on TwitterFacebook and Telegram
Surf the Daily Hodl Mix
Check the latest headlines
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any risky investments in Bitcoin, cryptocurrency or digital assets. Please note that you transfer and trade at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/Philipp Tur