Bitcoin (BTC) has been making headlines recently with its astonishing price surge, reaching a new all-time high of $73,750. This surge has been attributed to the pre-halving rally, which has boosted BTC’s gains significantly. However, this upward trend was followed by a notable price correction, with Bitcoin trading as low as $65,630 on March 15th. Despite some minor gains in the last 12 hours, as the cryptocurrency attempts a market recovery, there are concerns raised by popular analyst Michaël van de Poppe regarding the potential for further price correction.
In a recent post on X, Michaël van de Poppe shared a market forecast indicating that Bitcoin could fall to as low as $57,000, suggesting that the current correction phase may be far from over. The analyst pointed out a valid bearish divergence in BTC’s price movement, which occurs when the asset forms higher highs while the corresponding indicator forms lower highs. This divergence signals a weakening trend, potentially leading to a reversal in price direction. Van de Poppe highlighted this divergence, along with a clear rejection at the $70,500 zone during an attempted market rebound, as reasons to be cautious about Bitcoin’s price trajectory.
According to Van de Poppe’s analysis, a potential price correction to the range of $57,000 to $61,000 could signify the end of the pre-halving rally for Bitcoin. Historically, Bitcoin halving events are preceded by a price rally followed by a significant price retrace ranging from 20% to 40%. With the next halving event scheduled for April 2024, further retracement in Bitcoin’s price could indicate a shift in market dynamics. The analyst’s prediction raises concerns about the sustainability of Bitcoin’s recent price surge and suggests that altcoin markets may see increased activity in the near future.
As of the latest data from CoinMarketCap, Bitcoin is currently trading at $69,027, showing minimal fluctuations in the last hour and day. The token’s daily trading volume has seen a slight increase and is valued at $69.58 million. While these numbers may indicate some stability in Bitcoin’s price, the looming possibility of a significant price correction as predicted by Van de Poppe casts a shadow over the cryptocurrency market.
The recent surge in Bitcoin price and the subsequent price correction have raised concerns among investors and analysts. Van de Poppe’s prediction of a further price correction to $57,000 to $61,000 underscores the potential risks associated with investing in volatile cryptocurrency markets. As the market continues to react to external factors and speculations, it is essential for investors to conduct thorough research and exercise caution when making investment decisions. Bitcoin’s price dynamics remain uncertain, and careful monitoring of market trends will be crucial in navigating the current landscape.