Bitcoin’s price has been stuck in neutral lately, with investors unsure about what’s next. Crypto analyst Michael van de Poppe thinks Bitcoin could take a tumble, potentially dropping as low as $48,000.
Inflation Report and Bitcoin’s Fate
Van de Poppe says if the Consumer Price Index (CPI) inflation report comes out looking bad, Bitcoin could break below $56,000 and head towards $48,000. On the other hand, if Bitcoin manages to break through the resistance between $60,000 and $61,000, it could be on its way to a new all-time high of $73,000.
The latest CPI report showed inflation slowing down, which is good news for the market. However, even with the positive news, some analysts still think Bitcoin could drop.
Bearish Outlook?
Alex Kuptsikevich, a market analyst, believes Bitcoin is more likely to drop by $5,000 than to rise by the same amount. This would put Bitcoin below the $56,000 resistance level and bring $48,000 into play. Another analyst, Altcoin Sherpa, agrees, saying Bitcoin could fall to the $40,000 range if it doesn’t break out of its current price level. He also thinks a successful breakout could send Bitcoin soaring to $70,000.
A Bullish Counterpoint
Despite the bearish outlook, crypto analyst Mikybull Crypto is confident that a strong rally is coming for Bitcoin. He points to the global liquidity index breaking out of a two-year resistance as a sign of good things to come. Bitcoin’s price often moves in line with this index, and Mikybull believes Bitcoin is on its way to $95,000 and then $142,000.
Bitcoin’s Current Status
At the time of writing, Bitcoin is trading at around $58,400, down over 4% in the last 24 hours. It’s clear that Bitcoin’s future is uncertain, with both bullish and bearish signals. Only time will tell whether Bitcoin will rise to new heights or fall to new lows.
