Leading cryptocurrency Bitcoin set an all-time high. Although there was a sale after this, it recovered in a short time. Experienced analyst Michaël van de Poppe shares his views on the possible BTC price correction in the medium term. Bitcoin surpassed the $70,000 level for the first time in its 15-year history. That’s why more and more experts are trying to predict the correction potential.
Bitcoin retracement levels: $52k, then $45k?
cryptokoin.comAs you follow from , the bulls are running at full speed in the market. Leading crypto Bitcoin set its new ATH with a strong rise. Now some analysts are expecting a correction. However, to what levels this will happen is a matter of debate. Experienced analyst and trader Michaël van de Poppe says Bitcoin is gaining momentum, reaching an all-time high. As Bitcoin approaches its fourth halving in six weeks, the asset may be at an inflection point.
Van de Poppe shares three scenarios for BTC in the medium term. The first involves reaching $100,000 before the halving. The second is based on reaching after halving. And the third scenario is that it will enter a correction phase with the “altcoin summer”. In case a correction is on the cards, the analyst points to $52,000 and $45,000 as potential support levels.
A number of more bearish scenarios include a drop to the mid-$30,000s or even lower. Meanwhile, at the time of writing, Bitcoin was changing hands at $68,339, an increase of 1.24% in the last 24 hours. Net transaction volume increased by 35% and exceeded 56 billion dollars.
$105 million BTC short, long liquidity
By and large, Van de Poppe’s followers are enthusiastic about Bitcoin (BTC) in the medium term. They also predict that the BTC price will rise before the halving. The fourth Bitcoin (BTC) halving event will take place on April 18. Thus, BTC mining rewards will drop to 3,125 coins per block.
Meanwhile, in the last 24 hours, BTC rose as high as $70,000 on some exchanges. However, it later retreated to $66,400. Therefore, both bulls and bears saw their positions liquidated. According to CoinGlass statistics, $105 million has evaporated in Bitcoin futures. Bears are responsible for $56 million of this.
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