Analyst Expects Bitcoin Worth Correction To Persist, Targets $57,000 Assist

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

Whereas the cryptocurrency might have picked up some minor positive aspects 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 worth correction could also be removed from over.

Bitcoin Might Have Peaked Pre-Halving, Analyst Says

In a Friday put up on X, van de Poppe shared a market forecast that Bitcoin might fall as little as $57,000, thus prolonging its present correction section. The analyst started by highlighting that BTC nonetheless retained a legitimate bearish divergence which occurs when the worth of an asset varieties larger highs whereas the corresponding indicator varieties decrease highs. It often signifies that the driving pressure behind a sure development is attenuated with a reversal now on the horizon.

#Bitcoin stays to have a legitimate bearish divergence.

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

For this correction, I’d be focusing 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 prone to produce main unfavorable worth actions. Van de Poppe acknowledged this idea was confirmed by BTC’s newest rejection on the $70,000 zone throughout its tried market rebound. 

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

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

BTC Worth Overview

In response to information from CoinMarketCap, Bitcoin is at present 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 each 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

Disclaimer: The article is offered for instructional functions solely. It doesn’t signify the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You might be suggested to conduct your individual analysis earlier than making any funding selections. Use data offered on this web site solely at your individual danger.