Crypto Analysts See Looming Correction Ahead For Bitcoin, Before Hitting $80K

Bitcoin’s recent consolidation around the $70,000 mark has caught the attention of investors, with prominent cryptocurrency analyst Michaël van de Poppe predicting Bitcoin to hit $75k – $80k before the upcoming halving. Meanwhile, analysts see the presence of a bearish divergence, signaling a correction ahead for bitcoin.

Bitcoin In the Consolidation Phase

According to van de Poppe, Bitcoin is currently in a consolidation phase, suggesting that the cryptocurrency is stabilizing after recent price fluctuations. This consolidation phase typically indicates a period of indecision among traders, often preceding significant price movements.

#Bitcoin consolidating.
I think that we’re close to the peak of this run, but I think we’ll have another ATH test, perhaps even $75-80K pre-halving and then we’re correcting.
During that consolidation / correction phase, I expect altcoins to outperform. pic.twitter.com/bnQjYuIzrr
— Michaël van de Poppe (@CryptoMichNL) March 27, 2024

Van de Poppe expressed his belief that Bitcoin may be approaching the peak of its current bull run. However, he anticipates that Bitcoin will likely undergo another test of its all-time high (ATH), potentially reaching $75,000 to $80,000 before experiencing a correction.

Van de Poppe’s analysis reflects the ongoing uncertainty and speculation surrounding cryptocurrency markets, where price predictions are subject to various factors, including market sentiment, technical indicators, and external events.

BTC Aim For $80k

Aligned with the analysis of van de Poppe, another prominent figure in the crypto space, Jelle, predicts a similar price for Bitcoin to reach $80k, citing the reduction in leverage seen over the past two weeks.

#Bitcoin is consolidating at $70,000, and funding rates look like this.
Leverage has been wiped out in the last two weeks — and the market looks ready for the next leg higher.
Bring on $80,000. pic.twitter.com/MzsDShzX1R
— Jelle (@CryptoJelleNL) March 27, 2024

He points out that leverage has significantly declined in the past two weeks, signaling a notable shift in market dynamics. This reduction in leverage is viewed as a positive sign, indicating potential upward momentum for Bitcoin’s price.

Correction Looms Ahead

On the flip side, van de Poppe highlighted the presence of bearish divergence, signaling a weakening bullish momentum. This divergence, combined with a bearish rejection at the $72K area, suggests downward pressure on Bitcoin’s price.

The analyst underscored the importance of the $70.3K level, suggesting that a failure to break above this resistance could initiate a correction.

Van de Poppe outlined a potential area for a correction, highlighting the importance of Bitcoin maintaining support above $70.3K to avoid further downside. Currently, bitcoin is trading at $70,212, experiencing a 1.13% decline over the past 24 hours.

Source: https://coinpedia.org/price-analysis/crypto-analysts-see-looming-correction-ahead-for-bitcoin-before-hitting-80k/