While the crypto money market has experienced a sharp decline throughout 2022, the expectations are that it will start to rise in 2023. While the global market value is even falling below $800 billion, many names insist on their bullish forecasts. bitcoin while it continues to consolidate below $17,000 during this volatility.
Popular analyst Michael van de Poppe, on the other hand, thinks it has been a tough week for Bitcoin price. The analyst thinks investors should be careful towards the first weekend of the year.
Michael van de Poppe insists that the Bitcoin price will record a pullback. Although the rate of withdrawal is unclear, it may continue even below $ 16,879. The analyst explained that following this pullback, he expects a short consolidation followed by a move above $16,990.
The analyst has a vague view on whether the price will rise above $17,000. However, he underlined that he is confident about a short-term relief rally and was hopeful that the uptrend could begin soon.
Unemployment showed a positive figure today as it came out lower than expected. However, the PMI fell below 50 for the first time since 2008 and the COVID-19 pandemic. Unemployment will rise in the coming months, and yields will decrease if the CPI is low. I think a relief rally is imminent.
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Analyst Hopeful for Bitcoin and Litecoin
Litecoin Commenting on the price, the analyst believes that it is time for long-term investment.
The analyst believes that facing a significant bearish move, the price could break the immediate support levels and reach $71. This may be the time when it can rally and start a significant uptrend soon.
Van de Poppe is highly bearish in Ethereum as he has set a lower target around the key $1220 support. However, ETH price still remains in the bullish ranges, but the expected recovery may not come.