Analyst Expects Bitcoin Price Correction To Persist, Targets $57,000 Support

Semilore Faleti

1 year ago

3 mins read

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Bitcoin (BTC) has drawn much attention in the last few weeks, with a stunning price surge leading to a new all-time high of $73,750. Largely defined as the pre-halving rally, BTC’s bolstering gains have been followed by significant price correction, with the crypto market leader trading as low as $65,630 on March 15.

While the cryptocurrency may have picked up some minor gains in the last 12 hours as it attempts a market recovery, popular analyst Michaël van de Poppe has released a disturbing prediction that indicates Bitcoin price correction may be far from over.

Bitcoin May Have Peaked Pre-Halving, Analyst Says

In a Friday post on X, van de Poppe shared a market forecast that Bitcoin could fall as low as $57,000, thus prolonging its current correction phase. The analyst began by highlighting that BTC still retained a valid bearish divergence which occurs when the price of an asset forms higher highs while the corresponding indicator forms lower highs. It usually indicates that the driving force behind a certain trend is attenuated with a reversal now on the horizon.

#Bitcoin remains to have a valid bearish divergence.

This is confirmed by the lower timeframe, lower highs, and clear rejection at $70.5K.

For this correction, I’d be targeting $57-61K, and, likely, we’ll have peaked pre-halving.

Altcoin summer is on the horizon. pic.twitter.com/bGmnHcVDnz

— Michaël van de Poppe (@CryptoMichNL) March 15, 2024

In the case of Bitcoin, the bearish divergence indicates the coin’s recent rally may be exhausted and is now likely to produce major negative price movements. Van de Poppe stated this theory was confirmed by BTC’s latest rejection at the $70,000 zone during its attempted market rebound.

The prominent crypto analyst predicts Bitcoin to soon resume its price correction, falling to a price range of $57,000 to $61,000. If these speculations prove true, it could also indicate that in similar fashion, the BTC market may attain its highest value prior to the Bitcoin halving.

For context, the Bitcoin Halving is historically preceded by a price rally followed by a significant price retrace ranging from 20% to 40%. With the next Halving event set for April 2024, van de Poppe believes that further retracement by Bitcoin could stamp the end of the pre-halving rally.

BTC Price Overview

According to data from CoinMarketCap, Bitcoin is currently trading at $69,027 with a 0.17% and 1.26% in the last hour and day, respectively. In tandem, the token’s daily trading volume is up by 1.20% and is valued at $69.58 million.


BTC trading at $69,259 on the weekly chart | Source: BTCUSD chart on Tradingview.com

Featured image from iStock, chart from Tradingview

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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