02 March, 2024

Bitcoin Price Drops; Analyst Predicts Further Dip Before Bullish Trend

10 months ago

06 Nov, 2023

Bitcoin continues its downward trend, with resistance at $27,800, according to cryptocurrency analyst Michaël van de Poppe. In a recent tweet, he predicted a further price drop before a potential rebound in anticipation of the Consumer Price Index (CPI). Van de Poppe is also looking for signs of a bullish divergence, indicating a potential shift in market sentiment.

The crypto analyst’s tweet shared his strong anticipations on the need for a “bullish divergence” :

Despite the recent volatility in the crypto market, van de Poppe remains optimistic about Bitcoin’s long-term prospects. He suggested that a sweep lower could create a buying opportunity for investors looking to capitalize on potential gains ahead of the CPI release.

An essential economic indicator, the CPI tracks the general trend in prices across a wide range of consumer items and services in the United States. Investors widely watch it, as it could influence the Federal Reserve’s monetary policy decisions. A higher CPI reading could signal rising inflation, which could be bullish for Bitcoin as investors seek to protect their wealth against inflationary pressures.

Notably, Van de Poppe’s analysis pointed out  that Bitcoin’s current price movements are part of a broader market cycle and that a rebound could be on the horizon. However, he cautioned that investors should always research and carefully consider the risks before investing in cryptocurrency.

In conclusion, Bitcoin’s price is still on a downward trend, and investors might need to brace themselves for a further drop before the market becomes bullish again. Michaël van de Poppe advised investors to keep a close eye on the market and wait for the right time to go long on their longs in anticipation of CPI.

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