” I would not be surprised if Bitcoin is going to trade around $38,000 during this week “, says an analyst

Rekt Capital and Michaël van de Poppe, two crypto analysts have shared two optimistic projections of Bitcoin price chart. The latter has predicted that it is going to trade around $38,000 by the end of this week. This analyst said that he would not be surprised to see this and gave the reasons as well.

Various publications publishing the speculations about Grayscale Bitcoin Trust (GBT) which is the world’s largest digital-assets fund manager releasing a large amount of Bitcoin after a 6 months lock-up period has made a lot of Bitcoin enthusiasts nervous.

The result of that nervousness is evident as the world’s largest cryptocurrency has dropped below $33,000 ( $32719 to be precise) at the time of publishing the article. However, the analysts still believe Bitcoin has the potential to go up.

Rekt Capital and Michaël van de Poppe both shared a common key metric which revolved around two fascinating events, each of their own and measured BTC on that common scale. Latter of the two analysts highlighted an important level that Bitcoin needed to cross quickly for an imminent breakout. If it doesn’t do so, the Bull period will vanish soon after.

Also read : Jason Urban expects Bitcoin to reach a new all time high by the year end, predicts the price to be around $ 70,000

In another tweet, he further acknowledged that BTC bulls have helped Bitcoin reach that landmark and it has closed above the 50 week EMA for an eighth week in a row attaching a chart to prove his assessment.

Michaël van de Poppe, another Crypto analyst shared the similar sentiments about Bitcoin. He predicted a possible price breakout by the end of the week. He expected the price breakout to reach $38,000 barrier by the end of the week and said it would be surprising if it doesn’t do so.

Poope also reminded that Bitcoin needs to crack that range around $34.6K soon if we want to break to the upside.

“I believe that Bitcoin is going to make a breakout to the upside. I would not be surprised if Bitcoin is going to trade around $38,000 during the days of this week.” Poope concluded.

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