Analyst Expects Bitcoin Price Correction To Persist, Targets $57,000 Support

Bitcoin (BTC) has drawn a lot consideration in the previous few weeks, with a surprising value surge resulting in a brand new all-time high of $73,750. Largely outlined because the pre-halving rally, BTC’s bolstering beneficial properties have been adopted by significant price correction, with the crypto market chief buying and selling as little as $65,630 on March 15. 

Whereas the cryptocurrency could have picked up some minor beneficial properties within the final 12 hours because it makes an attempt a market restoration, in style analyst Michaël van de Poppe has launched a disturbing prediction that signifies Bitcoin value correction could also be removed from over.

Bitcoin Might Have Peaked Pre-Halving, Analyst Says

In a Friday post on X, van de Poppe shared a market forecast that Bitcoin may fall as little as $57,000, thus prolonging its present correction part. The analyst started by highlighting that BTC nonetheless retained a sound bearish divergence which occurs when the value of an asset types increased highs whereas the corresponding indicator types decrease highs. It often signifies that the driving power behind a sure development is attenuated with a reversal now on the horizon.

#Bitcoin stays to have a sound bearish divergence.

That is confirmed by the decrease timeframe, decrease highs, and clear rejection at $70.5K.

For this correction, I’d be concentrating on $57-61K, and, seemingly, we’ll have peaked pre-halving.

Altcoin summer time is on the horizon. pic.twitter.com/bGmnHcVDnz

— Michaël van de Poppe (@CryptoMichNL) March 15, 2024

Within the case of Bitcoin, the bearish divergence signifies the coin’s latest rally could also be exhausted and is now more likely to produce main damaging value actions. Van de Poppe said this idea was confirmed by BTC’s newest rejection on the $70,000 zone throughout its tried market rebound. 

The distinguished crypto analyst predicts Bitcoin to quickly resume its value correction, falling to a value vary of $57,000 to $61,000. If these speculations show true, it may additionally point out that in related vogue, the BTC market could attain its highest worth previous to the Bitcoin halving. 

For context, the Bitcoin Halving is traditionally preceded by a value rally adopted by a major value retrace starting from 20% to 40%. With the subsequent Halving occasion set for April 2024, van de Poppe believes that additional retracement by Bitcoin may stamp the top of the pre-halving rally.

BTC Worth Overview

Based on data from CoinMarketCap, Bitcoin is presently buying and selling at $69,027 with a 0.17% and 1.26% within the final hour and day, respectively. In tandem, the token’s every day buying and selling quantity is up by 1.20% and is valued at $69.58 million.

BTC buying and selling at $69,259 on the weekly chart | Supply: BTCUSD chart on Tradingview.com

Featured picture from iStock, chart from Tradingview

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