{"id":598137,"date":"2024-03-16T08:50:25","date_gmt":"2024-03-16T08:50:25","guid":{"rendered":"https:\/\/uniquehot.com\/?p=598137"},"modified":"2024-06-11T07:21:09","modified_gmt":"2024-06-11T07:21:09","slug":"analyst-expects-bitcoin-price-correction-to-persist-targets-57000-support","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/analyst-expects-bitcoin-price-correction-to-persist-targets-57000-support\/","title":{"rendered":"Analyst Expects Bitcoin Price Correction To Persist, Targets $57,000 Support"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Bitcoin (BTC) has drawn much attention in the last few weeks, with a stunning price surge leading to a new <a href=\"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-whale-217-million-profit-btc-73000\/\" target=\"_blank\" rel=\"noopener \">all-time high of $73,750.<\/a> Largely defined as the pre-halving rally, BTC&#8217;s bolstering gains have been followed by <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-suffers-crash-to-65000\/\" target=\"_blank\" rel=\"noopener \">significant price correction,<\/a> with the crypto market leader trading as low as $65,630 on March 15.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">While the cryptocurrency may have picked up some minor gains in the last 12 hours as it attempts a market recovery, popular analyst Micha\u00ebl van de Poppe has released a disturbing prediction that indicates Bitcoin price correction may be far from over.<br \/>\n<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/shiba-inu\/behind-the-scenes-of-shiba-inu-12-plunge-what-on-chain-analysis-tells-us\/\" target=\"_blank\" rel=\"noopener \">Behind The Scenes Of Shiba Inu 12% Plunge: What On-Chain Analysis Tells Us<\/a><span style=\"font-weight: 400\"><br \/>\n<\/span><\/div>\n<h2><span style=\"font-weight: 400\">Bitcoin May Have Peaked Pre-Halving, Analyst Says<\/span><\/h2>\n<p><span style=\"font-weight: 400\">In a<a href=\"https:\/\/x.com\/CryptoMichNL\/status\/87231899?s=20\" target=\"_blank\" rel=\"noopener nofollow\"> Friday post on X<\/a>, 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 o<\/span><span style=\"font-weight: 400\">ccurs 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.<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Bitcoin<\/a> remains to have a valid bearish divergence.<\/p>\n<p>This is confirmed by the lower timeframe, lower highs, and clear rejection at $70.5K.<\/p>\n<p>For this correction, I&#8217;d be targeting $57-61K, and, likely, we&#8217;ll have peaked pre-halving.<\/p>\n<p>Altcoin summer is on the horizon. <a href=\"https:\/\/t.co\/bGmnHcVDnz\" rel=\"nofollow\">pic.twitter.com\/bGmnHcVDnz<\/a><\/p>\n<p>\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) <a href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/87231899?ref_src=twsrc%5Etfw\" rel=\"nofollow\">March 15, 2024<\/a><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">In the case of Bitcoin, the bearish divergence indicates the coin\u2019s recent rally may be exhausted and is now likely to produce major negative price movements. Van d<\/span><span style=\"font-weight: 400\">e Poppe stated this theory was confirmed by BTC\u2019s latest rejection at the $70,000 zone during its attempted market rebound.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">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.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">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.<br \/>\n<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/altcoin\/key-trend-driving-altcoin-market-toward-425-billion-analyst\/\" target=\"_blank\" rel=\"noopener \">Key Trend Driving Altcoin Market Toward $425 Billion: Analyst<\/a><\/div>\n<h2><span style=\"font-weight: 400\">BTC Price Overview<\/span><\/h2>\n<p style=\"text-align: left\"><span style=\"font-weight: 400\">According to <a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"noopener nofollow\">data from CoinMarketCap,<\/a> 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\u2019s daily trading volume is up by 1.20% and is valued at $69.58 million.<\/span><\/p>\n<pre style=\"text-align: center\"><span style=\"font-weight: 400\">\r\n<img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large\" src=\"https:\/\/www.tradingview.com\/x\/rZKtI6Id\/\" alt=\"Bitcoin\" width=\"1479\" height=\"893\">BTC trading at $69,259 on the weekly chart | Source: <a href=\"https:\/\/www.tradingview.com\/chart\/xg17RJqK\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD chart on Tradingview.com<\/a>\r\n<\/span><\/pre>\n<div class=\"disclaimer-shortcode\"><em>Featured image from iStock, chart from Tradingview<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"<p>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&#8217;s bolstering gains have been followed by significant price correction, with the crypto market leader trading as low as $65,630 on March 15.\u00a0 While the cryptocurrency may have picked up some minor gains in the last 12 hours as it attempts a market recovery, popular analyst Micha\u00ebl 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&#8217;d be targeting $57-61K, and, likely, we&#8217;ll have peaked pre-halving. Altcoin summer is on the horizon. pic.twitter.com\/bGmnHcVDnz \u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) March 15, 2024 In the case of Bitcoin, the bearish divergence indicates the coin\u2019s 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\u2019s latest rejection at the $70,000 zone during its attempted market rebound.\u00a0 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.\u00a0 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\u2019s 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<\/p>\n","protected":false},"author":581,"featured_media":598139,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,8856,91860,1119,1144,78790,83725],"class_list":["post-598137","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-halving","tag-bitcoin-price-corrrection","tag-btc","tag-btcusd","tag-btcusdt","tag-michaal-van-de-poppe"],"acf":[],"yoast_head":"\n<title>Analyst Expects Bitcoin Price Correction To Persist, Targets $57,000 Support<\/title>\n<meta name=\"description\" content=\"crypto analyst Micha\u00ebl van de Poppe has released a disturbing prediction that indicates Bitcoin price correction may be 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While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency. Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems. In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others. In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies. Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. 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His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry. 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