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April 20, 2024
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Top Analyst is Bearsih on Bitcoin: Will BTC Price Drop Below $50,000?

The post Top Analyst is Bearsih on Bitcoin: Will BTC Price Drop Below $50,000? appeared first on Coinpedia Fintech News

The crypto markets appear to be trading within equilibrium as the Bitcoin price remains stuck within a range. While bulls are not able to reclaim the levels above $52,000, bears also do not appear to be capable enough to drag the levels below $51,000. However, Star Crypto is about to end this indecisive phase soon, which may cause the BTC price to witness a fine drop, probably below $50,000. 

Has the Bitcoin bull run ended before it started or is it just a compression before the expansion?

Regardless of the prevailing bearish pressure, the BTC price still carries a potential target above $55,000 before the end of the first half of the year. In the meantime, the price is expected to remain consolidated but fail to rise above the key resistance. As a result, a minor drop in levels is possible, according to top analyst Michael van de Poppe, with a plunge below $50,000. 

Referring to the above chart, the analyst highlights the rise of the bearish forces since the beginning of the week. As a result, the price is expected to experience a drain, which may drag the levels towards the lower support zone below $50,000. 

“At this point, I’m still leaning towards this scenario in which a flush on the downside seems likely. 

What’s the key zone to watch?

I think $48.5-49.5K area for Bitcoin,”

With this, one can expect a deeper retrace on the price in the coming days, which may halt the bullish upswing for a while. Meanwhile, the traders may still remain confident in the prevailing trend, as a strong rebound is expected to lift the levels towards the potential target above $55,000. Till then, the traders may consider each dip a good buying opportunity with enough research and analysis. 

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