Bitcoin Could Plunge Lower Before Reversing Back Up, Says Analyst Michaël van de Poppe – Here Are His Targets
dailyhodl.com 05 September 2024 20:57, UTC A widely followed crypto analyst is predicting that Bitcoin (BTC) could fall further before mounting a comeback.
Crypto trader Michaël van de Poppe tells his 723,600 followers on the social media platform X that BTC could drop to $54,000 before hitting the reversal.
“The lower timeframe picture on Bitcoin is highly boring.
Took the liquidity above $58,200 and dropped back.
Most likely, we’ll take the liquidity lower at $54,000 and then reverse back up, but it’s event week.
Crucial levels: $56,000 / $58,200.
Either will provide direction.”
According to Van de Poppe, there are “important” macro-factors that will likely send Bitcoin rallying soon.
“This is important.
Job Openings – The worst in 3 years.
ADP data – The worst in 3+ years.
The economy is weakening substantially, through which Gold rallies upwards.
I suspect that the FED needs to cut rates by 50bps to stay ahead of everything happening and that the likelihood of quarterly earnings will be increased –> Bitcoin to be strongly rallying upwards.”
According to the analyst, the flagship crypto could even drop out of the $50,000 range before it can gather strength.
“The markets are correcting.
Liquidity has been taken, but it doesn’t provide the actual bounce upward we wanted.
If that’s the case, then $53,000 is likely, or even $49,000, before the reversal happens for Bitcoin.
It’s still early September.”
BTC is worth $56,038 at time of writing, down 3.2% in the last 24 hours.
