As Bitcoin (BTC) surpassed the $70,000 level for the first time in its 15-year history, more and more experts are trying to predict the potential for its correction.
As Bitcoin (BTC) surpassed the $70,000 level for the first time in its 15-year history, more and more experts are trying to predict the potential for its correction.
Bitcoin (BTC) Correction Levels by Michaël van de Poppe: $52,000, then $45,000?
Bitcoin (BTC), the largest cryptocurrency, gained momentum and hit a new all-time high, says experienced analyst and trader Michaël van de Poppe. As Bitcoin (BTC) approaches its fourth halving event in six weeks, the asset could find itself at a crossroads.
Van de Poppe shares three scenarios for BTC in the medium term: it could reach $100,000 before or after the halving or enter a correction phase with an “altcoin summer.”
If a correction is expected for the orange coin, the analyst highlights $52,000 and $45,000 as possible support levels.
Several more bearish scenarios include a further drop to areas around $30,000 or even lower.
At press time, Bitcoin (BTC) is trading at $68,339 with an increase of 1.24% in the last 24 hours. The net trading volume increased by 35% and exceeded $56 billion in equivalent.
$105 million in BTC shorts and longs liquidated
Van de Poppe’s followers are largely enthusiastic about Bitcoin (BTC) in the medium term and foresee growth in the asset before the halving.
The fourth Bitcoin (BTC) halving event will take place on April 18; BTC mining rewards will be reduced to 3,125 coins per block.
In the last 24 hours, Bitcoin (BTC) jumped to $70,000 on some exchanges, but then retreated to $66,400. As such, both bulls and bears saw their positions liquidated.
Of $105 Million in Bitcoin Futures Wiped, Bears Responsible for $56 Million in 24 Hours, CoinGlass Statistics say.
