Bitcoin has been on a bold adventure northward recently. The leading crypto asset has gained more than 11% in the past seven days and is up more than 13% from its monthly low of $59,000.
Interestingly, Bitcoin bucked the bearish sentiment that followed after falling below $59,000 a few days ago. Several analysts called low pricethe target level is in the mid-$50,000 range.
However, BTC breached the $60,000 price mark over the weekend and soared to $68,000 on Thursday. On the other hand, market analysts michael van de poppe I'm one of those people who are stunned by Bitcoin and its bullish sentiment.
Analyst says Bitcoin may not correct further
Following the rally to the $68,000 area, Van de Poppe argued that Bitcoin will undergo a significant correction before the next uptrend. Based on his analysis, he estimated a downtrend towards the $65,000 area.
The chart accompanying Poppe’s analysis shows that if the $65,000 level is not held, Bitcoin could fall further to $64,130. He noted that the leading crypto asset will be illiquid from $64,130 by the time the next bull market begins.
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However, market experts said Today, Bitcoin may not be able to retest the levels he previously speculated. Poppe noted that positive economic indicators such as European Central Bank interest rate cuts and US non-farm employment data could push Bitcoin prices higher.
Bitcoin benefits from favorable macro data
Poppe said the recent interest rate cuts by the ECB were a catalyst for price increases. By way of background, the European Council on Thursday cut interest rates by 25 basis points amid cooling inflation data in the region.
Also, the previous report U.S. employment data for September showed better-than-expected results, increasing speculation that the Federal Reserve may cut interest rates in November. Of particular note is the American central bank. Diving rate It rose 50 basis points in September, fueling a bullish rally in the broader market.
Following the latest dovish economic data, Poppe expects Bitcoin prices to rise further, invalidating previous predictions of an impending 5.7% correction. The analyst predicted that Bitcoin would reach an all-time high in November and end the year at $90,000.
On the other hand, there are increasing calls for an annual closing price for Bitcoin. For example, Standard Chartered analysts predicted The top crypto asset is expected to 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% over the past 24 hours.
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