Bitcoin (BTC) price analysis expert investor Poppycoin has made positive statements for the cryptocurrency, which has managed to get out of its jam.
On October 9, the analyst noted resistance between $11,200 and $11,400 and noted that if this is exceeded, the upward trend will begin.
Analysts also raised their targets when the price of BTC, which closed strongly over the weekend, managed to stay above $11,350. Poppycoin, which conducted its current market assessment as of October 12, raised the bar this time and announced the $ 13,500 level for the price of Bitcoin.
Bitcoin price rise scenario
Bitcoin also joins the synchronized upward trend in investment assets, the analyst said, noting that the next close target would be $12,400 with a net break-in resistance of $11,400.
Poppycoin, which set the strongest level of support at the price of Bitcoin at $10,400 on the current trend line, stressed that the resistance between $11,200 and $11,400 must be clearly broken for the strong rise to begin.
Bitcoin was trading at $11,261, according to CoinMarketCap data at the time of the news release.
In his assessment of PoppyCoin, he said that $ 11,400 would have to be converted into support for the rally to begin, and added:
“When the price of Bitcoin exceeds the resistance area of $11,200-11,400, I think it will rise again.”
Setting the next level for the price of Bitcoin at $12,400 if resistance breaks and the rally begins, the analyst drew the high level visible in the medium term to the line of $13,500.
Bitcoin price drop scenario
The importance of the $10,000 level will once again become clear if Bitcoin, which is currently moving in the $11,200- $11,400 line, enters a downward trend. Poppycoin argued that investors who recently bought BTC at $ 10,000 would start selling with closures below the support level and would want to reduce their losses.
If that happens, a reduction of up to $8,500- $8,600 could come, he said. He then thinks that the volume of purchases will increase and the price will enter the recovery stage again.
Punctuating his comments with Bitcoin, PoppyCoin said: “I don’t see a trend movement for altcoins to break up yet.”
As coinage has previously reported, bitcoin investors are thinking longer-term than before. “Every $1 investment leads to an increase of $ 3.3,” said veteran analyst Willy Woo.
