Analyst Says ‘Bitcoin Price Correction Is Over’ – What’s Next?

Opeyemi Sule

Last Updated: June 11, 2024 7:02 am

3 mins read

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The tides seem to be turning in favor of the Bitcoin price, as the market leader has reclaimed the $42,000 level for the second time in as many days. According to data from CoinGecko, the premier cryptocurrency has managed to register a 1.1% profit on the weekly timeframe.

While Bitcoin appears to be garnering positive momentum at the moment, outflows from the Grayscale BTC ETF (GBTC) continue to brew fear of continued bearish pressure in the hearts of investors. However, a prominent crypto analyst has offered insights into the flagship coin’s recent movement, claiming that the price correction is over.

BTC Price To Make Another Run At $48,000?

In his latest video on YouTube, crypto pundit and analyst Michael van de Poppe declared that he believes that the Bitcoin price correction is over for now. The premier cryptocurrency experienced an almost 10% price decline after notching a multi-month high at around $49,000 on January 11, the day Bitcoin spot ETFs started trading in the United States.

While the general belief is that this price dip is connected to investors cashing out their shares in the Grayscale Bitcoin Trust, van de Poppe claims that it is only one of the negative events that enter the spotlight when the market is going through a correction. The analyst also highlighted the recent news of Mt. Gox paying out approximately 200,000 BTC to its past clients as another such incident.

However, with the selling pressure somewhat dampening, de Poppe speculated that the Bitcoin price might have one more run to $48,000 before the halving event. While acknowledging that the Bitcoin halving is a bullish event, the analyst doesn’t believe there would be a significant price rally prior to it.

In line with his analysis, Michael van de Poppe expects the Bitcoin price action to be within a range of $37,000 – 48,000 over the coming months. The crypto analyst anticipates that the altcoins will go on a positive run during this period.

Finally, van de Poppe mentioned that a trip down to $30,000 is not completely off the cards for the market leader, echoing recent bearish predictions. However, the pundit believes the odds of a $30,000 retest are low, as the crypto market rarely moves in the crowd’s direction.

Bitcoin Price Update

As of this writing, the Bitcoin price stands at $42,124, reflecting a mere 0.7% increase in the past day. With a market capitalization of over $826 billion, BTC maintains its position as the largest cryptocurrency in the sector.

Bitcoin price breaks above the $42,000 mark on the daily timeframe | Source: BTCUSDT chart on TradingView

Featured image from iStock, chat from TradingView

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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