Bitcoin (BTC) has attracted a lot of attention in recent weeks, with a stunning price surge that has led to a new all-time high of $73,750. Largely defined as the pre-halving rally, BTC’s strengthening gains have been followed by a significant price correction, with the crypto market leader trading as low as $65,630 on March 15.
While the cryptocurrency may have made some small gains over the past 12 hours as it tries to stage a market recovery, popular analyst Michaël van de Poppe has released a troubling prediction that suggests Bitcoin’s price correction is far from over.
Bitcoin May Have Peaked Before Halving, Analyst Says
In a Friday message on XVan de Poppe shared a market prediction that Bitcoin could fall to $57,000, extending the current correction phase. The analyst started by highlighting that BTC still maintained a valid bearish divergence that ooccurs when the price of an asset reaches higher highs while the corresponding indicator reaches lower highs. It usually indicates that the driving force behind a particular trend has weakened as a reversal is on the horizon.
#Bitcoin There remains a valid bearish divergence.
This is confirmed by the lower time frame, lower highs and the clear rejection at $70.5K.
For this correction, I would target $57-61,000, and we will likely have peaked before the halving.
The Altcoin summer is just around the corner. pic.twitter.com/bGmnHcVDnz
— Michaël van de Poppe (@CryptoMichNL) March 15, 2024
In the case of Bitcoin, the bearish divergence indicates that the coin’s recent rally may have run out and is now likely to cause major negative price moves. From de Poppe stated that this theory was confirmed by BTC’s latest rejection in the $70,000 zone during its attempted market recovery.
The prominent crypto analyst predicts that Bitcoin will soon resume its price correction and fall to a price range of $57,000 to $61,000. If these speculations turn out to be true, it could also indicate that the BTC market could similarly reach its highest value before Bitcoin’s halving.
For context, the Bitcoin halving has historically been preceded by a price increase, followed by a significant price retracement ranging from 20% to 40%. With the next halving event taking place in April 2024, Van de Poppe believes further retracement by Bitcoin could spell the end of the pre-halving rally.
BTC price overview
According to data from CoinMarketCap, Bitcoin is currently trading at $69,027 up 0.17% and 1.26% in the past hour and day, respectively. At the same time, the token’s daily trading volume has increased 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
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