- Michael van de Poppe cautions against following the herd, advises traders to wait for a retest in price rallies.
- Bitcoin price seat in the hands of the bulls despite a dip to $8,407; gains above $9,000 are possible.
Bitcoin price unexpected rally to $9,500 has split the community into two. One camp anticipates higher price action as we head towards the halving. On the other hand, the second camp is, according to Michael van de Poppe, a popular trader, anticipating a significant price reversal. Michael believes that despite the rally, traders have a myriad of buying opportunities especially after Bitcoin dipped to $8,407 before recovering to the current levels at $8,730.
Most people are “sitting in panic” according to the trader instead of buying the dips in the wake of the FOMO-driven surge. Michael, however, advised traders against following the herd while sarcastically praising those that bought BTC at $9,400.
Never ever buy into that. There is always a retest and always a retrace going.
Bitcoin price update
Bitcoin price is trading at $8,730 as mentioned. This comes after a reversal from the dip at $8,407. The largest cryptocurrency is still largely in the hands of the bulls in spite of the correction. Indicators such as the RSI display a strongly bullish picture. At the same time, the bullish divergence from the MACD signals a possible short-term surge likely to bring BTC/USD into the levels above $9,000. Other key support areas apart from $8,400 include the 200-day SMA at $8,000, the ascending trendline and the 50-day SMA at $6,827.
BTC/USD daily chart
 (12)-637238994405339362.png)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
XRP Price Prediction: Bearish technicals, on-chain indicators signal 68% potential crash
XRP faces increasing bearish sentiment from macro, micro and fundamental factors in April. Weak on-chain indicators ranging from network growth, total supply and active addresses reinforce an impending crash.
Bitcoin Price Forecast: Tariff volatility sweeps over $200 billion from crypto markets
Bitcoin price hovers around $83,000 on Thursday after it failed to close above the $85,000 resistance level the previous day. Volatility fueled by Trump’s tariffs swept $200 billion from total market capitalization, liquidating over $178 million in BTC.
SOL is the winner as Solana chain turns into battleground for meme coin launchpad and DEX
Solana (SOL) gains nearly 2% in the last 24 hours and trades at 118.28 at the time of writing on Thursday. A Decentralized Exchange (DEX) and a meme coin launchpad built on the Solana blockchain have waged a war for users and compete for the trade volume on the chain.
Shibarium, built for the Shiba Inu blockchain, reaches 1 billion in transactions in 18 months after its launch
Shibarium, a Layer-2 blockchain for the Shiba Inu ecosystem, reaches 1 billion transactions 18 months after its launch. This milestone reflects growing adoption and Shibarium’s robust performance.
Bitcoin: BTC remains calm before a storm
Bitcoin's price has been consolidating between $85,000 and $88,000 this week. A K33 report explains how the markets are relatively calm and shaping up for volatility as traders absorb the tariff announcements. PlanB’s S2F model shows that Bitcoin looks extremely undervalued compared to Gold and the housing market.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.