Popular Twitter analysts Michaël van de Poppe and Rekt Capital discuss support levels that Bitcoin price could test below $30,000 in a series of technical analysis. According to analysts, Bitcoin could touch $15,000 before a rally.
Michaël van de Poppe shares final support zone for Bitcoin
In a new post, Michaël van de Poppe informed his 602,500 Twitter followers that he sees $29,300 an important roadmap for Bitcoin :
I’m still watching $29,300 for BTC. If this is lost, I want to see if we sweep the real bottoms and reach $26,000.
Van de Poppe shared in a positive scenario where he says Bitcoin will stay between $29,200 and $29,400. However, he thinks if Bitcoin fails to hold these levels, the bears could gain momentum on the downside:
If we fail to hold this, we sweep these lows ($28,000) and then we will gradually continue on the downside and wait to test the lows and then the bullish divergence to complete the correction. I look, and then I start attacking the talls again.
Van de Poppe concludes his analysis of Bitcoin by saying that he expects it to rise once again after nearly two months of decline.
Here’s why according to Rekt Capital, BTC could correct 50% to $15,000.
Rekt Capital recently shared a detailed analysis of Bitcoin’s transition death cross cycles and subsequent Bitcoin corrections. In summary, in 2013 Bitcoin recovered 70% after death cross, 65% after death cross in 2017 and 55% after 2019. However, 2020 and 2021 were two instances where Bitcoin really gained great value after the death cross. So in both cases death cross occurred at the bottom.
19.
Summary:
2013:
• #BTC drops -73% pre-Death Cross
• BTC drops extra -70% post-DC2017:
• -70% pre-DC
• -65% post-DC2019:
• -53% pre-DC
• -55% post-DC2020:
• -63% pre-DC
• +1581% post-DC2021:
• -56% pre-DC
• +141% post-DC2022:
• -43% pre-DC
• ? post-DC— Rekt Capital (@rektcapital) May 20, 2022
Kriptokoin.com Capital believes this year BTC is more like following the 2013, 2017 and 2019 trend. This is because instead of reversing the trend, Bitcoin has corrected more than 36% since January 2022. Also, Bitcoin saw a 43% correction from its November 2021 peak before making a death cross. A similar 43% retracement after the death cross means BTC price could reach $22,700. Rekt Capital sums it up as follows:
The interesting thing about a 43% crash scenario after death cross is that it will result in $22,000.
The analyst believes it will present great buying opportunities for BTC investors with high ROI.
