Analyst Expects Bitcoin Price Correction To Persist, Targets $57,000 Support

Name	Symbol	Market	Market Cap ($)	Algorithm
SHIBA INU	SHIBUSD	Crypto	13,553,460,086	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

SHIBA INU

SHIBUSD

Crypto

13,553,460,086

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.00000100	4.55%	0.000023	0.000023	0.000023

Price Change

Price Change %

Current Price

Bid Price

Offer

0.00000100

4.55%

0.000023

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.000023	0.000022	0.000023	0.000022	0.00000600 - 0.000048

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.000023

0.000022

0.000023

0.000022

0.00000600 - 0.000048

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	10:57:05	93,551,620.00	0.000023	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

10:57:05

93,551,620.00

0.000023

USD

Price x Volume	Volume	Base Symbol	Related Pairs
4,462,957.71	13,194,571,023.40	SHIB	SHIBEUR	SHIBGBP	SHIBBTC

Price x Volume

Volume

Base Symbol

Related Pairs

4,462,957.71

13,194,571,023.40

Analyst Expects Bitcoin Price Correction To Persist, Targets $57,000 Support

16/03/2024 8:50am

NEWSBTC

Bitcoin (BTC) has drawn much attention in the last few weeks, with a stunning price surge leading to a new all-time high of $73,750. Largely defined as the pre-halving rally, BTC’s bolstering gains have been followed by significant price correction, with the crypto market leader trading as low as $65,630 on March 15. While the cryptocurrency may have picked up some minor gains in the last 12 hours as it attempts a market recovery, popular analyst Michaël van de Poppe has released a disturbing prediction that indicates Bitcoin price correction may be far from over. Related Reading: Behind The Scenes Of Shiba Inu 12% Plunge: What On-Chain Analysis Tells Us Bitcoin May Have Peaked Pre-Halving, Analyst Says In a Friday post on X, van de Poppe shared a market forecast that Bitcoin could fall as low as $57,000, thus prolonging its current correction phase. The analyst began by highlighting that BTC still retained a valid bearish divergence which occurs when the price of an asset forms higher highs while the corresponding indicator forms lower highs. It usually indicates that the driving force behind a certain trend is attenuated with a reversal now on the horizon. #Bitcoin remains to have a valid bearish divergence. This is confirmed by the lower timeframe, lower highs, and clear rejection at $70.5K. For this correction, I’d be targeting $57-61K, and, likely, we’ll have peaked pre-halving. Altcoin summer is on the horizon. pic.twitter.com/bGmnHcVDnz — Michaël van de Poppe (@CryptoMichNL) March 15, 2024 In the case of Bitcoin, the bearish divergence indicates the coin’s recent rally may be exhausted and is now likely to produce major negative price movements. Van de Poppe stated this theory was confirmed by BTC’s latest rejection at the $70,000 zone during its attempted market rebound. The prominent crypto analyst predicts Bitcoin to soon resume its price correction, falling to a price range of $57,000 to $61,000. If these speculations prove true, it could also indicate that in similar fashion, the BTC market may attain its highest value prior to the Bitcoin halving. For context, the Bitcoin Halving is historically preceded by a price rally followed by a significant price retrace ranging from 20% to 40%. With the next Halving event set for April 2024, van de Poppe believes that further retracement by Bitcoin could stamp the end of the pre-halving rally. Related Reading: Key Trend Driving Altcoin Market Toward $425 Billion: Analyst BTC Price Overview According to data from CoinMarketCap, Bitcoin is currently trading at $69,027 with a 0.17% and 1.26% in the last hour and day, respectively. In tandem, the token’s daily trading volume is up 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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