The crypto market is painted in red as the top tokens have been facing massive sell-offs in the past few days. The Bitcoin price, specifically, slipped below $28,000 but continues to remain stuck within the same regions at the moment. With the price displaying similar action, the possibility of a bearish outlook looms over the market. Meanwhile, the flagship crypto does not seem to remain under significant bearish pressure for long.
Although the BTC price is projected to maintain a healthy upswing, an initial drop is expected to attract significant liquidity that may assist the rally. One of the well-known analysts, Michael van de Poppe, believes the star crypto is more likely to visit levels below $27,500 in the next couple of days and test the liquidity zone. Meanwhile, the drop could be followed by a fine upswing.
The analyst here expects some confirmations on the lower time frame, which may be pretty crucial to determine the next course of action. The levels until the liquidity area around $27,514 are marked as profit-making zones, and hence a drop in these levels may trigger an acute descending trend ahead. However, the analyst believes the price may rebound from these levels and soar beyond $29,000 quickly.
Besides, the market was expected to remain volatile this week as numerous events were expected to fluctuate the price movements. The FED is about to announce the fresh interest rates on May 03 and the US non-farm Payrolls are to be announced on May 05 which may have a greater impact on the BTC price ahead. Besides this, the US CPI and PPI rates are also expected in the coming week which may either fuel a rebound or increase the pace of the descending trend.
Hence, the next couple of weeks is believed to be pretty important for the entire crypto space, as Bitcoin is believed to remain highly volatile.
Source: https://coinpedia.org/price-analysis/top-analyst-predicts-more-downfall-for-bitcoin-btc-price-will-it-drop-below-27000/