Bitcoin (BTC) has been the talk of the town in the past few weeks, with its price skyrocketing to a new all-time high of $73,750. This surge, attributed to the pre-halving rally, has captured the attention of many investors in the cryptocurrency market. However, what goes up must come down, and BTC has experienced a significant price correction, dropping to as low as $65,630 on March 15th. While there have been some minor gains in the past 12 hours as Bitcoin tries to recover, analyst Michaël van de Poppe has made a concerning prediction that suggests the price correction might not be over yet.
Van de Poppe’s Bearish Prediction
In a recent post, van de Poppe shared his forecast that Bitcoin could potentially plummet to as low as $57,000, extending the current correction phase. He pointed out a valid bearish divergence in BTC, which occurs when the price forms higher highs while the corresponding indicator forms lower highs. This divergence typically signals a weakening trend with a potential reversal on the horizon. Van de Poppe’s theory was further supported by Bitcoin’s rejection at the $70,000 level during its recent market rebound, indicating that the rally might have run out of steam.
If van de Poppe’s prediction holds true, it could suggest that Bitcoin will reach its peak value before the upcoming halving event, which is set for April 2024. Historically, the Bitcoin Halving is preceded by a price rally followed by a significant retracement ranging from 20% to 40%. The continued correction in Bitcoin’s price could mark the end of the pre-halving rally, setting the stage for a period of consolidation before the next major price movement.
According to data from CoinMarketCap, Bitcoin is currently trading at $69,027 with slight fluctuations in the last hour and day. The daily trading volume is up slightly, indicating continued interest in the cryptocurrency despite the recent price correction. However, with van de Poppe’s prediction looming over the market, investors are wary of a potential further drop in Bitcoin’s price in the coming days.
The future of Bitcoin remains uncertain as the market navigates through a period of price correction and consolidation. Van de Poppe’s bearish prediction has sparked discussions among investors and traders, with many closely monitoring Bitcoin’s price movements for clues about its future trajectory. Whether Bitcoin will indeed fall to $57,000 or rebound to new highs remains to be seen, but one thing is certain – volatility is here to stay in the world of cryptocurrencies. Investors are advised to conduct their own research and exercise caution when making investment decisions, as the market can be unpredictable and unforgiving.
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