The Bitcoin price continues to trade sideways, with uncertainties on the macro side leaving 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. Van de Poppe mentioned in a social media 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.
Van de Poppe 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. 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 plausible, considering the recent bearish price action.
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.
Amid Bitcoin’s uncertain price action, crypto analyst Mikybull Crypto assured 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 robust.
The future of Bitcoin remains uncertain as market analysts provide diverging opinions on its price trajectory. While some expect a strong rally leading to new all-time highs, others predict a potential drop to $48,000. Investors must closely monitor key resistance levels and market indicators to make informed decisions in this volatile environment.
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