Bitcoin Its price fell to $67,000 from its recent peak of $73,634 with the decline it experienced on March 15. Despite this decline, the cryptocurrency market remains strong, up over 60% since the beginning of 2024, when BTC was trading above $45,000.
As Koinfinans.com reported, analysts are predicting a major shift in the market, with potential price declines for Bitcoin and an increase for altcoins.
cryptocurrency Analyst Michaël van de Poppe stated that he predicts a correction for Bitcoin with a target range between $57,000 and $61,000. He also expects an “altcoin season,” indicating increased activity and potential profits for new cryptocurrencies.
In a recent tweet, Van de Poppe pointed out the bearish trend in BTC price, stating that the time frames are showing descending highs and the $70,500 level is clearly rejected. stated.
#Bitcoin remains to have a valid bearish divergence.
This is confirmed by the lower timeframe, lower highs, and clear rejection at $70.5K.
NEWS CONTINUES BELOWFor this correction, I’d be targeting $57-61K, and, likely, we’ll have peaked pre-halving.
Altcoin summer is on the horizon. pic.twitter.com/bGmnHcVDnz
— Michaël van de Poppe (@CryptoMichNL) March 15, 2024
According to the analyst, Bitcoin could be headed for a correction with downside targets ranging from $57,000 to $61,000, possibly indicating that it has already passed its peak before the upcoming Bitcoin halving event.
Despite concerns about the direction of BTC, Van de Poppe, especially altcoinHe remains optimistic about the broader cryptocurrency market. He predicts an “altcoin summer” ahead and suggests increased activity and potential profitability for various alternative cryptocurrencies.
