Crypto expert predicts Bitcoin bounce back to $29,000

With Bitcoin (BTC) testing support around $27,000 after trading in the red for the last week, with its price losing 8.76% of its value, cryptocurrency traders and investors are looking for the flagship digital asset’s next move.

On April 24, crypto analyst Michaël van de Poppe predicted a rebound for Bitcoin, with the cryptocurrency expected to recover to $29,200 in the coming weeks. The prediction comes as BTC has been facing negative funding, which according to the analyst, “we’ll be having a bounce play soon.”

When funding becomes negative, it means that traders short on Bitcoin are paying those long on Bitcoin, which typically indicates a shift in market sentiment.

Bitcoin’s rejection at current levels has also led van de Poppe to anticipate the creation of ‘bullish divergences’ in the $26,500- $27,000 area. The trader believes that Monday (April 24) is a “dump day” for Bitcoin; however, he also believes that a recovery to $29,200 could follow, provided that the bullish divergences materialize.

Bitcoin acceleration to $29,200

Moreover, the leading analyst noted that Bitcoin has corrected after the CME gap was filled, pushing the cryptocurrency back towards resistance for the second time. As a result, Bitcoin is now trading in a tight range, with traders closely watching the key levels.

According to van de Poppe, if Bitcoin manages to break through the $27,800-$28,000 range in the coming days, it could accelerate towards $29,200. However, Bitcoin’s momentum will depend on its ability to sustain a breakout above the resistance level.

Correction as CME gap came in for #Bitcoin.

Back towards the resistance, for the second time.

If #Bitcoin breaks $27,800-28,000 entirely in the coming few days, acceleration towards $29,200 seems next.

Funding negative on $ETH, so a bounce is getting close. pic.twitter.com/ZSxoJReJZI

— Michaël van de Poppe (@CryptoMichNL) April 24, 2023

Despite the uncertainty, van de Poppe’s analysis offers a positive outlook for Bitcoin, which has struggled to maintain momentum in the last week.

Bitcoin is presently being traded at $27,309, reflecting a decline of 1.32% in the past 24 hours and a further 8.66% over the previous week. The total market capitalization of BTC stands at $528.5 billion.

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