bitcoin (btc) has attracted a lot of attention in recent weeks, with a surprising price surge that led to a new all-time high of $73,750. Largely defined as the pre-halving rally, btc's surging gains have been followed by a major price correction, with the crypto market leader trading as low as $65,630 on March 15.
While the cryptocurrency may have made some minor gains in the past 12 hours as it attempts to recover from the market, popular analyst Michaël van de Poppe has published a disturbing prediction indicating that bitcoin's price correction may be far from over.
bitcoin May Have Peaked Before 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 maintained a valid bearish divergence that oIt 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 softening with a reversal now on the horizon.
bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#bitcoin It remains to have a valid bearish divergence.
This is confirmed by the shorter time frame, lower highs and the clear rejection of $70,500.
For this correction, my target would be between $57,000 and $61,000 and we will probably have peaked before the halving.
The summer of altcoins 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 that the coin's recent rally may have exhausted itself and is now likely to produce significant negative price movements. vande Poppe stated that this theory was confirmed by btc's latest rejection at the $70,000 zone during its market rebound attempt.
The prominent crypto analyst predicts that bitcoin will soon resume its price correction, falling to a price range of $57,000 to $61,000. If these speculations turn out to be true, it could also indicate that similarly, the btc market may reach its highest value before the bitcoin halving.
For context, the bitcoin halving is historically preceded by a price rally followed by a significant price pullback ranging from 20% to 40%. With the next halving event scheduled for April 2024, van de Poppe believes that a further pullback by bitcoin could mark the end of the pre-halving rally.
btc Price Overview
According bitcoin/” target=”_blank” rel=”nofollow”>CoinMarketCap data, bitcoin is currently trading at $69,027 with 0.17% and 1.26% in the last hour and day, respectively. At the same time, the daily trading volume of the token increased by 1.20% and is valued at $69.58 million.
<img decoding="async" class="aligncenter size-large" src="https://technicalterrence.com/wp-content/uploads/2024/03/Analyst-Expects-Bitcoin-Price-Correction-to-Persist-Targets-57000-Support" alt="bitcoin" width="1479" height="893" loading="lazy"/>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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