Bitcoin (BTC) is a cryptocurrency that has gained a lot of attention recently, thanks to an incredible price rise. all-time high of $73,750. BTC’s gains, which are largely defined as the rally before halving BTC’s value have been closely followed significant price correction, On March 15, the leader of the cryptocurrency market traded at a low price of $65,630.
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.
Bitcoin may have peaked before the halves, analyst says
The aforementioned is a Friday post on Xvan de Poppe forecasted that Bitcoin would fall to $57,000 and prolong its correction phase. The analyst started by emphasizing that BTC had a valid negative divergence, which could be interpreted as a bearish trend.It occurs when the indicator and price for an asset form lower highs. The price of an asset will usually rise while the indicator is falling.
#Bitcoin There is a bearish divergence that remains valid.
The lower timeframes, lower highs and the clear rejection of $70.5K confirm this.
If I were to target a correction for this, it would be between $57 and $61,000, which is likely the peak price before we halve.
Altcoin Summer is at the Horizon pic.twitter.com/bGmnHcVDnz
— Michaël van de Poppe (@CryptoMichNL) March 15, 2024
The bearish divergence in the Bitcoin case indicates that the recent price rally of the coin may have been exhausted. It is likely now to cause major downward movements. Van dPoppe claimed that BTC’s recent rejection in the zone of $70,000 during an attempt at a market recovery confirmed his theory.
According to the prominent crypto analyst, Bitcoin will soon begin its correction and fall to between $57,000-$61,000. This could mean that if these predictions prove to be true, then the BTC markets may reach their highest values prior to Bitcoin’s halving.
To put the Bitcoin Halving into context, historically a rally in price is preceded by an important price drop ranging between 20% and 40%. In the wake of the next Van de Poppe, who believes the halving will take place in April 2024 and that Bitcoin’s rally before the halving could be over by then, thinks further retracement of Bitcoin may mark the end to the previous rally.
BTC Price Overview
The following is a list of data from CoinMarketCap, Bitcoin’s current price is $69,027. It has seen a rise of 0.17 % and 1.26% over the last day and hour. The token’s trading volume has also increased by 1.2% and now stands at $69.58 Million.
BTC at $69 2,259 per week on weekly chart. Source:| Source: BTCUSD chart on Tradingview.com
Chart from Tradingview, iStock image featured.
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