Seasoned analyst Michaël van de Poppe has painted an optimistic picture for Bitcoin (BTC), setting a $35,000 target as the asset holds above the 200-week EMA.
The celebrated analyst asserts that BTC’s trajectory remains bullish, contingent on the asset’s ability to maintain its position above the critical 200-week Exponential Moving Average (EMA), currently at $25,690.
Van de Poppe’s remarks come when the firstborn crypto grapples with price volatility. Citing the weekly chart, the analyst noted that the higher timeframe chart for the asset is still presenting bullish signs.
He emphasized BTC’s need to maintain its hold above the 200-week EMA, which it has continued to dominate. The chart reveals that the asset has shown remarkable strength in bouncing back above the EMA whenever it retests the level.
Data from the chart shows that BTC had a series of retests of the 200-Week EMA between Aug. 14 and Sept. 17. Despite the challenges, Bitcoin consistently rallied above the EMA, displaying a resilient stance.
BTC Weekly Chart | Michaël van de Poppe
Notably, the last time BTC retested and rebounded above the 200-week EMA was early June. Interestingly, Bitcoin experienced a 15% surge after this retest in just one week, reaching a high of $31,441 on June 23.
Van de Poppe is now speculating that if Bitcoin continues to hold its ground above the 200-week EMA and maintains a pattern of registering higher lows, the asset could surge to similar levels.
Aligning with this projection, the analyst sets a target toward the $30,000 to $35,000 range within the next four to eight weeks. Trading legends Brandt and Bollinger also predicted a rally for BTC, as reported by The Crypto Basic.
BTC’s $28,000 Retest Fuels Optimism
This analysis coincides with Bitcoin’s recent breakthrough above $28,000 for the first time since Aug. 29. Currently trading at $27,561, Bitcoin would need to rally 27% from its current position to attain the coveted $35,000 target.
Achieving this milestone would mark a new yearly high for the cryptocurrency, surpassing its previous peak of $31,829, which it attained on July 13 following the resolution of the XRP lawsuit.
Meanwhile, despite Bitcoin’s recent drop from the $28,000 point, traders continue to show renewed optimism in the asset, according to Santiment, a prominent crypto behavior platform.
In its latest monthly market report, Santiment noted that increased whale activity and accumulation by large addresses have compounded this optimism. It also highlighted a decline in the prevalence of BTC shorts, coupled with substantial spikes in trading volume.
Despite these bullish metrics and the growing optimism, Santiment advises traders to remain cautious. Bitcoin is down over 3% in the last 24 hours at the reporting time, signaling an increasing dominance of selloffs.
