Analyst Expects Bitcoin Price Correction To Persist, Targets $57,000 Support
16 March 2024 - 7:50PM
NEWSBTC
Bitcoin (BTC) has drawn much attention in the last few weeks, with
a stunning price surge leading to a new all-time high of $73,750.
Largely defined as the pre-halving rally, BTC’s bolstering gains
have been followed by significant price correction, with the crypto
market leader trading as low as $65,630 on March 15. While
the cryptocurrency may have picked up some minor gains in the last
12 hours as it attempts a market recovery, popular analyst Michaël
van de Poppe has released a disturbing prediction that indicates
Bitcoin price correction may be far from over. Related Reading:
Behind The Scenes Of Shiba Inu 12% Plunge: What On-Chain Analysis
Tells Us Bitcoin May Have Peaked Pre-Halving, Analyst Says In a
Friday post on X, van de Poppe shared a market forecast that
Bitcoin could fall as low as $57,000, thus prolonging its current
correction phase. The analyst began by highlighting that BTC still
retained a valid bearish divergence which occurs when the price of
an asset forms higher highs while the corresponding indicator forms
lower highs. It usually indicates that the driving force behind a
certain trend is attenuated with a reversal now on the horizon.
#Bitcoin remains to have a valid bearish divergence. This is
confirmed by the lower timeframe, lower highs, and clear rejection
at $70.5K. For this correction, I’d be targeting $57-61K, and,
likely, we’ll have peaked pre-halving. Altcoin summer is on the
horizon. pic.twitter.com/bGmnHcVDnz — Michaël van de Poppe
(@CryptoMichNL) March 15, 2024 In the case of Bitcoin, the bearish
divergence indicates the coin’s recent rally may be exhausted and
is now likely to produce major negative price movements. Van de
Poppe stated this theory was confirmed by BTC’s latest rejection at
the $70,000 zone during its attempted market rebound. The
prominent crypto analyst predicts Bitcoin to soon resume its price
correction, falling to a price range of $57,000 to $61,000. If
these speculations prove true, it could also indicate that in
similar fashion, the BTC market may attain its highest value prior
to the Bitcoin halving. For context, the Bitcoin Halving is
historically preceded by a price rally followed by a significant
price retrace ranging from 20% to 40%. With the next Halving event
set for April 2024, van de Poppe believes that further retracement
by Bitcoin could stamp the end of the pre-halving rally. Related
Reading: Key Trend Driving Altcoin Market Toward $425 Billion:
Analyst BTC Price Overview According to data from CoinMarketCap,
Bitcoin is currently trading at $69,027 with a 0.17% and 1.26% in
the last hour and day, respectively. In tandem, the token’s daily
trading volume is up by 1.20% and is valued at $69.58 million. BTC
trading at $69,259 on the weekly chart | Source: BTCUSD chart on
Tradingview.com Featured image from iStock, chart from Tradingview
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