The post Bitcoin Price Poised To hit $30,500 Following Positive Jobs Report, Expert Predicts appeared first on Coinpedia Fintech News
Michaël van de Poppe, a well-known cryptocurrency analyst, recently shared his thoughts on Twitter about the potential for Bitcoin to surge past the $30,000 mark. According to Michael, Bitcoin’s continued strength in flipping levels and re-entering its range is a positive sign.
He said he is particularly interested in seeing the digital currency maintain support at the $28,900 level, which could then facilitate a climb toward $30,500. It is worth noting that important news related to unemployment is scheduled for release soon, which may have a direct impact on Bitcoin’s price.
Bitcoin’s Steady Climb Since the Beginning of the Year
The largest cryptocurrency by market capitalization has exhibited impressive growth this year, boasting a 74% increase since January. At one point, Bitcoin even managed to break the significant $30,000 price threshold. This momentum, coupled with the digital asset’s technical analysis, suggests that Bitcoin could be gearing up for another bullish move.
Consolidation and Ascending Triangle Pattern
Following its brief breach of the $30,000 resistance level in April, Bitcoin has been consolidating around $28,500. This consolidation has led to the formation of an ascending triangle pattern, which traditionally indicates that a strong upward movement may be on the horizon. If this pattern plays out, Bitcoin could soon break past the $30,000 level within the next few weeks.
Potential Move Toward $40,000
Once Bitcoin manages to surpass the $30,000 mark, its next major resistance level is estimated to be around $40,500. This means that should the digital currency break through $30,000, there may be little preventing it from continuing its ascent to the $40,000 price range.
Michaël van de Poppe’s analysis of Bitcoin’s current price action highlights the cryptocurrency’s potential for further gains, particularly if it can maintain support at $28,900.
