It was only a matter of time before a dramatic rise to new record highs would see a more significant correction than we were used to. The price of Bitcoin (BTC) even fell below the $66,000 mark on several exchanges.
While some are optimistic about a speedy recovery in the price, Dutch analyst Michaël van de Poppe warns that the downward trend may continue, with a drop of up to $57,000.
Bitcoin price has reached its peak for the time being
In a recent update on the platform He underscored the continued validity of a bearish divergence, which indicates continued downward pressure on value.
If this decline actually occurs, it could imply that Bitcoin’s valuation peak has been reached for the time being. A turning point in this downtrend may not be expected until after the upcoming Bitcoin halving, which could indicate a prolonged period of adjustment.
Correction offers buying opportunities
Michaël van de Poppe does not see the recent decline in the Bitcoin price as a reason for panic. On the contrary, he interprets the current corrections as normal and even favorable developments within the market cycle. According to him, these periods offer perfect opportunities for investors to consolidate and strengthen their market position.
Van de Poppe emphasizes the importance of strategic investing during these correction periods. He advises the community not to impulsively follow market trends, but to view current market downturns as opportunities for purchase.
Opportunities for altcoins
Interestingly, Van de Poppe managed to predict the recent fall in the price of Bitcoin. With Bitcoin currently around $68,350, its current valuation is still well below its predicted correction to $57,000 or even $45,000. However, according to the Dutchman, the decline offers a potential golden moment for altcoins.
Several altcoins, such as Solana (SOL), Binance Coin (BNB) and Avalanche (AVAX), are already seeing significant increases. Earlier this month we also saw meme coins experiencing huge increases, such as Shiba Inu (SHIB) and Pepe (PEPE).
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Source: https://newsbit.nl/nederlandse-crypto-analist-voorspelt-bitcoin-koersval-tot-57-000/
