As uncertainties loom over the macro side, Bitcoin continues to trade sideways, leaving investors undecided about their next move. Crypto analyst Michael van de Poppe has raised concerns about Bitcoin potentially dropping to as low as $48,000. He emphasized that if the Consumer Price Index (CPI) inflation data turns out poorly, Bitcoin could break below $56,000 and hit the $48,000 target.
Even though Bitcoin is currently trading above $56,000, it faces a major resistance level between $60,000 and $61,000. Van de Poppe believes that breaking through this resistance could bring Bitcoin close to its current all-time high (ATH) at $73,000. This indicates that the path ahead for Bitcoin is filled with obstacles despite potential highs.
Despite the recent Consumer Price Index (CPI) data not being as bad as expected, there are still concerns about Bitcoin’s price action. Senior market analyst Alex Kuptsikevich suggests that Bitcoin is more likely to drop by $5,000 rather than rise by the same amount. This could potentially push Bitcoin below the $56,000 level and closer to the $48,000 mark that Van de Poppe highlighted.
Another crypto analyst, Altcoin Sherpa, also predicts a possible drop in Bitcoin’s price to the $40,000 range if it fails to break above its current levels. On the other hand, there is optimism from analyst Mikybull Crypto, who believes that a “strong and massive rally” is on the horizon for Bitcoin. He points to the global liquidity index breaking out of a 2-year resistance and notes a strong correlation between Bitcoin’s price and this index.
The future of Bitcoin’s price remains uncertain as various analysts provide conflicting forecasts. While some anticipate a significant drop to $48,000, others foresee a potential rally towards new highs. With market conditions changing rapidly and external factors impacting Bitcoin’s price movement, it is essential to monitor the situation closely to make informed investment decisions.
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