Price Correction
Bitcoin has been on a wild ride lately, reaching a new high of $73,750. But since then, it’s taken a tumble, dropping to $65,630. Analyst Michaël van de Poppe thinks the correction is far from over.
Bearish Divergence
Van de Poppe points to a bearish divergence, where the price of Bitcoin is making higher highs but the indicator is making lower highs. This suggests that the upward momentum is weakening.
Target Price
Van de Poppe predicts that Bitcoin could fall to $57,000, extending the current correction phase. He believes that the recent rally may have been the pre-halving rally, and that Bitcoin may have peaked before the next halving event in April 2024.
Halving Impact
Historically, the Bitcoin halving event has been preceded by a price rally followed by a significant retracement. Van de Poppe believes that the current correction could be the start of that retracement.
Current Price
As of writing, Bitcoin is trading at $69,027, with a slight increase in the last hour and day. Its daily trading volume is also up.
