Analyst Names Conditions for Bitcoin Price Correction

News, forecasts and analysis of the cryptocurrency market

Trader and analyst Michael van de Poppe is allowing quotes for the first crypto to drop to $25,000 if the asset does not stay above $27,000.

“Bitcoin has risen to $28,300, but seems a bit tired,” the analyst noted.

The first cryptocurrency tested the token mark on March 19 against the backdrop of the Federal Reserve’s statement about joining forces with other major central banks to expand USD liquidity supply.

At the time of writing, the asset was trading above $27,600, up 2.9 percent overnight, according to data from CoinGecko.

Analyst Names Conditions for Bitcoin Price CorrectionHourly BTC/USDT chart on Binance exchange. Data: Trading Views.

The trader called the $27,700 level “crucial if we want to see $30,000 this week.”

“A rejection there could lead to a deeper pullback to $25,000,” he wrote.

Earlier, van de Poppe predicted that the price would rise to $28,500-29,200 before falling back to $25,000 before continuing to rise to $40,000.

In early March, van de Poppe pointed to the importance of the next few weeks for bitcoin and allowed its price to fall below $20,000.

Recall that on March 17, Ryan Selkis, founder and CEO of analytics firm Messari, predicted that the first cryptocurrency would grow to $100,000 within 12 months.

That same month, Mike Novogratz, head of cryptocurrency trading bank Galaxy Digital, said now was the perfect time to buy Crypto gold as a hedge against economic troubles.

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