2024-8-16 18:00 |
The Bitcoin price continues to trade sideways, as uncertainties on the macro side have made investors undecided about their next move. Crypto analyst Michael van de Poppe has provided insights into Bitcoin’s price trajectory and has raised the possibility of the crypto dropping to as low as $48,000.
What Could Make Bitcoin Drop To As Low As $48,000Van de Poppe mentioned in an X (formerly Twitter) post that Bitcoin could break below $56,000 and drop to a price target of $48,000 if the Consumer Price Index (CPI) inflation data comes out badly. Meanwhile, he added that with Bitcoin currently above $56,000, the first resistance it needs to break is between $60,000 and $61,000. He claimed that a breakout would bring Bitcoin next to its current all-time high (ATH) at $73,000.
The CPI inflation data released on August 14 saw a 0.2% monthly increase in July and rose at an annual rate of 2.9%, meeting expectations. As such, it was neither considered bullish nor bearish for the market, as Bitcoin remained steady following the news. However, the positive is that the data showed inflation is slowing and that a potential interest rate cut in September is still on the table.
Despite the CPI data not coming out badly, Van de Poppe’s forecast of Bitcoin dropping to as low as $48,000 could still be on the cards, seeing as the flagship crypto’s price action has looked more bearish than bullish in recent times. Alex Kuptsikevich, senior market analyst at FxPro, recently mentioned that Bitcoin is more likely to fall by $5,000 rather than rise by the same amount.
A $5,000 drop in Bitcoin would put it below the $56,000 resistance level Van de Poppe highlighted, putting $48,000 in sight. Crypto analyst Altcoin Sherpa also mentioned that Bitcoin will likely drop 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 BTCAmid Bitcoin’s price, which is looking undecided about its next move, crypto analyst Mikybull Crypto has assured us that a “strong and massive rally” is looming for the flagship crypto. He made this statement while revealing that the global liquidity index has broken out of the 2-year resistance. He noted that Bitcoin’s correlation with the global liquidity index is quite strong.
The analyst, who had earlier claimed that the Bitcoin bottom was in, also recently stated that the flagship crypto’s next target as it begins its wave five expansion would be $95,000 and then $142,000.
At the time of writing, Bitcoin is trading at around $58,400, down over 4% in the last 24 hours, according to data from CoinMarketCap.
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