The world’s largest cryptocurrency by market cap, Bitcoin is still under the price range of $20,000 while the overall market is kind of flashing an optimistic vibe with the August United States jobs report.
While the major currency struggles for an uptrend, there is speculation of further price movements as well as bitcoin reaching the bottom.
A well-known crypto analyst and trader, Michael van de Poppe claims that before Bitcoin experiences any bull run, Bitcoin will see another dip. Explaining his claims, the analyst said that the Bitcoin price will fall as low as $19,300 before regaining the bull run around $28,000 or $30,000.
Speaking about the current price action for bitcoin, which is fluctuating between $19,000 and $21,000, van de Popp stressed that this could lead to a drop too far below the liquidity level. He also claimed that the currency should target $21,500 above $20,400 if Bitcoin is to enter a bull run.
Bitcoin Price To Enter Bull Run
Meanwhile, the strategist is of the opinion that Bitcoin has reached its bottom and the currency might start its bull run anytime soon. However for this to happen, BTC should achieve the said target and should hold on to the 200-week moving average in market cap.
At the time of writing, bitcoin is selling at $19,754, up 0.39% over the past 24 hours.
On the other hand, Bitcoin and the overall crypto market are experiencing a positive run with the US payroll data. Conversely, most market analysts and experts predict the positive job market could worsen the current market condition.
