bitcoin-price-is-headed-630000/” rel=”nofollow”>The price of bitcoin continues to trade sideways as uncertainties on the macro front have investors undecided about its next move. Cryptocurrency Analyst bitcoin-bottom-20-decline/” rel=”nofollow”>Michael Van De Poppe He has provided insight into the trajectory of bitcoin's price and raised the possibility of the cryptocurrency falling to $48,000.
What could cause bitcoin price to drop to $48,000?
Van de Poppe mentioned in an x (formerly twitter) x.com/CryptoMichNL/status/1823419247529501105″ rel=”nofollow”>mail that bitcoin could fall below $56,000 and drop to a target price of $48,000 if the Consumer Price Index (CPI) inflation data is bad. Meanwhile, he added that with bitcoin-revisiting-72000-soon/” rel=”nofollow”>bitcoin is currently above $56,000The first resistance it needs to break is between $60,000 and $61,000. He claimed that a breakout would take bitcoin to its current level. bitcoin-breaks-through-69000-setting-new-record/” rel=”nofollow”>All-time high (ATH) to $73,000.
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He bitcoin–crypto-see-unexpected-boost/” rel=”nofollow”>CPI inflation data The data released on August 14 recorded a monthly increase of 0.2% in July and rose at an annual rate of 2.9%, meeting expectations. As such, it was considered neither bullish nor bearish for the market as bitcoin remained stable following the news. However, on the positive side, the data showed that inflation is slowing down and that a bitcoin/” rel=”nofollow”>possible interest rate cut In September it is still on the table.
Even though the CPI data isn’t bad, Van de Poppe’s forecast for bitcoin to fall to $48,000 could still hold true as the flagship cryptocurrency’s price action has looked more bearish than bullish of late. Alex Kuptsikevich, senior market analyst at FxPro, recently mentioned that bitcoin is more likely to fall by $5,000 than rise by the same amount.
A $5,000 drop in bitcoin would put it below the $56,000 resistance level highlighted by Van de Poppe, putting $48,000 within sight. Cryptocurrency Analyst Altcoin Sherpa also x.com/AltcoinSherpa/status/1823815423605039359″ rel=”nofollow”>mentioned that bitcoin will likely fall into the $40,000 range if it fails to break above its current price level. He added that a successful breakout will take bitcoin to $70,000.
A strong rally is coming for btc
Amid bitcoin Pricewho seems undecided about his next move, bitcoin-gets-156000-price-tag/” target=”_blank” rel=”nofollow”>Cryptocurrency Analyst Mikybull crypto has x.com/MikybullCrypto/status/1823367628502749226″ target=”_blank” rel=”nofollow”>sure us that a “strong and massive rally” is coming for the flagship cryptocurrency. He made this statement while revealing that the global liquidity ratio It has broken through the two-year resistance. He noted that bitcoin's correlation with the global liquidity index is quite strong.
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The analyst, who had previously claimed that bitcoin hit bottom, also recently x.com/MikybullCrypto/status/1823016184171606109″ rel=”nofollow”>fixed that the next target for the flagship cryptocurrency as it begins its fifth wave of expansion would be $95,000 and then $142,000.
At the time of writing, bitcoin is trading around $58,400, down more than 4% in the past 24 hours, according to bitcoin/” rel=”nofollow”>data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com