As the Bitcoin price continues to trade sideways, uncertainties on the macro side have left investors undecided about their next move. Crypto analyst Michael van de Poppe has provided insights into Bitcoin’s price trajectory, suggesting that the crypto could potentially drop to as low as $48,000. Van de Poppe mentioned in a social media post that Bitcoin could break below $56,000 and drop to a price target of $48,000 if the Consumer Price Index (CPI) inflation data proves to be unfavorable.
With Bitcoin currently trading above $56,000, the first resistance it needs to overcome is between $60,000 and $61,000. Van de Poppe claimed that a breakout above these levels could bring Bitcoin closer to its current all-time high (ATH) at $73,000. Despite the recent CPI inflation data meeting expectations and showing signs of slowing inflation, the possibility of Bitcoin dropping to $48,000 still looms due to its bearish price action in recent times.
Senior market analyst at FxPro, Alex Kuptsikevich, suggested that Bitcoin is more likely to see a $5,000 drop than a rise by the same amount. A $5,000 decline in Bitcoin’s price would push it below the $56,000 resistance level highlighted by Van de Poppe, potentially leading to a target price of $48,000. Additionally, crypto analyst Altcoin Sherpa mentioned that a failure to break above the current price level could see Bitcoin dropping into the $40,000 range, while a successful breakout could propel it to $70,000.
Amidst the uncertainty surrounding Bitcoin’s price trajectory, crypto analyst Mikybull Crypto has expressed optimism about a “strong and massive rally” on the horizon for the flagship crypto. He pointed out that the global liquidity index has broken out of a 2-year resistance, highlighting a strong correlation between Bitcoin’s price and the global liquidity index.
The future of Bitcoin remains uncertain as market indicators and analyst predictions point to potential price fluctuations in the coming days. While some analysts suggest a bearish outlook with the possibility of Bitcoin dropping to $48,000, others remain optimistic about the potential for a significant price rally. Traders and investors are advised to closely monitor market developments and be prepared for volatility in the cryptocurrency market.