Here’s Why Bitcoin May Not See Lower Prices

Bitcoin has been on a daring adventure northwards recently. The leading crypto asset has grown over 11% in the past seven days and over 13% from its $59,000 monthly lows.

Interestingly, Bitcoin defied bearish sentiments that ensued following its drop below $59,000 a few days ago. Multiple analysts called for lower prices, with mid-$50,000 among the targeted levels.

However, BTC broke above the $60,000 price mark over the weekend and surged to $68,000 on Thursday. Meanwhile, market analyst Michael van de Poppe is among those stunned by Bitcoin and its bullish sentiments.

Analyst Says Bitcoin May Not Correct Further

Following the upsurge to the $68,000 region, van de Poppe asserted that Bitcoin would correct considerably before the next uptrend. Per his analysis, he speculated a downtrend towards the $65,000 region.

The chart accompanying Poppe’s analysis shows that Bitcoin could further pull back to $64,130 if the $65,000 level does not hold. He noted that the leading crypto asset would take liquidity from the $64,130 before its next bullish outbreak.

However, the market expert stated today that Bitcoin may not retest the levels he had speculated earlier. Poppe noted that favorable economic data, like the rate cut from the European Central Bank and the US non-farm payroll data, might push Bitcoin’s price higher.

Bitcoin Benefiting From Favorable Macro Data

Poppe points to the recent interest rate cut by the ECB as a catalyst for higher prices. For context, the European Governing Council slashed rates by 25 basis on Thursday amidst cooling inflation data in the region.

Also, an earlier report showed that the US job data for September came in hotter than expected, fueling speculations that the Federal Reserve may cut interest rates in November. Notably, the US central bank diced rates by 50 basis in September, spurring a broader market bullish upsurge.

With the latest economically dovish data, Poppe expects a further upside in Bitcoin price, annulling his earlier speculations of an impending 5.7% correction. The analyst speculated that Bitcoin will reach its all-time high in November and close the year at $90,000.

Meanwhile, there are higher calls for Bitcoin’s yearly close. For instance, analysts at Standard Chartered predicted that the premier crypto asset would surge to $150,000 by the end of the year.

At the time of writing, Bitcoin was trading at $67,838, up less than 2% in the past 24 hours.