A widely followed crypto analyst is outlining a scenario in which Bitcoin (BTC) could fall below $50,000 again.
In a new strategy session, crypto trader Michaël van de Poppe tells his 723,000 followers on social media platform
However, he also notes that it is possible that BTC could go the other way and reach new all-time highs if it breaks above resistance.
“The question for Bitcoin is which side it will choose. Especially above $56,000, the first resistance is $60,000-$61,000. If that breaks, we will be off the ATH (all-time high) and you can buy the dip if you are a trader.
On the other hand, if the CPI comes out badly, the $56,000 and $48,000 targets will be exceeded.”
The CPI measures the inflation of goods and services based on the average change over time in the prices consumers pay, excluding food and gasoline. The most recent report showed that it rose by 0.2% in July, after falling by 0.1% in June.
The trader continues participation that BTC’s price action today could determine the future trend.
“Today is a big day, it is CPI day. Bitcoin remains constant and sets the trend today. If we break $61,000-$61,000, the path to a new all-time high will be open.”
Bitcoin is trading at $59,475 at the time of writing, down about 3% in the past 24 hours.
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Featured image: Shutterstock/Warm_Tail