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Analyst Expects Bitcoin Price Correction To Persist, Targets $57,000 Support

Bitcoin (BTC) has drawn much attention in the last few weeks, with a stunning price surge leading to a new all-time high of $73,750. Largely defined as the pre-halving rally, BTC’s bolstering gains have been followed by significant price correction, with the crypto market leader trading as low as $65,630 on March 15. 

While the cryptocurrency may have picked up some minor gains in the last 12 hours as it attempts a market recovery, popular analyst Michaël van de Poppe has released a disturbing prediction that indicates Bitcoin price correction may be far from over.

Related Reading: Behind The Scenes Of Shiba Inu 12% Plunge: What On-Chain Analysis Tells Us

Bitcoin May Have Peaked Pre-Halving, Analyst Says

In a Friday post on X, van de Poppe shared a market forecast that Bitcoin could fall as low as $57,000, thus prolonging its current correction phase. The analyst began by highlighting that BTC still retained a valid bearish divergence which occurs when the price of an asset forms higher highs while the corresponding indicator forms lower highs. It usually indicates that the driving force behind a certain trend is attenuated with a reversal now on the horizon.

In the case of Bitcoin, the bearish divergence indicates the coin’s recent rally may be exhausted and is now likely to produce major negative price movements. Van de Poppe stated this theory was confirmed by BTC’s latest rejection at the $70,000 zone during its attempted market rebound. 

The prominent crypto analyst predicts Bitcoin to soon resume its price correction, falling to a price range of $57,000 to $61,000. If these speculations prove true, it could also indicate that in similar fashion, the BTC market may attain its highest value prior to the Bitcoin halving. 

For context, the Bitcoin Halving is historically preceded by a price rally followed by a significant price retrace ranging from 20% to 40%. With the next Halving event set for April 2024, van de Poppe believes that further retracement by Bitcoin could stamp the end of the pre-halving rally.

BTC Price Overview

According to data from CoinMarketCap, Bitcoin is currently trading at $69,027 with a 0.17% and 1.26% in the last hour and day, respectively. In tandem, the token’s daily trading volume is up by 1.20% and is valued at $69.58 million.

BitcoinBTC trading at $69,259 on the weekly chart | Source: BTCUSD chart on Tradingview.com

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Analyst Forecasts $40 Target For Chainlink (LINK)

Chainlink (LINK) continues to remain among the headlines following a negative performance, which saw the token’s price decline by 7.63% in the last week based on data from CoinMarketCap. However, despite this discouraging price loss, investors and market experts appear to remain bullish on the altcoin. For instance, popular crypto analyst Michaël van de Poppe has recently released a price prediction that states LINK could double its market price in the coming months.

Chainlink (LINK) Poised To Notch 122% Gains, Analyst Says

In a Friday post on X, Michaël van de Poppe presented a bullish case for Chainlink using the LINK/BTC 3-day chart. The analyst began his prediction by noting LINK’s positive stint in the first two weeks of February, during which the token rose by 32.77% to trade above the $20 price mark.

However, despite this impressive price gain, the prominent altcoin failed to breach a crucial resistance zone at 0.00480 BTC, thus failing to initiate a breakout. Following this event, van de Poppe believes that Chainlink is now seeking a higher low to serve as its support level.  For context, a higher low In technical analysis refers to a pattern on a price chart in which a successive low point in a trend is higher than the previous low point. It is usually interpreted as a bullish signal indicating a potential trend reversal or continuation of an upward trend.Chainlink

After successfully finding its higher low, van de Poppe anticipates LINK to experience a price reversal, gaining by 4,500 satoshis, which is currently valued at $2.29 at the current Bitcoin price of $50,761. Thus, Chainlink could soon return above the $20 mark. Furthermore, the analyst believes this price gain could lead to LINK finally initiating a breakout, hitting a price in the range of $30-$40 within the next few months. If this prediction proves true, the altcoin could experience a potential maximum gain of 122.71% on its present market price.

LINK Price Overview

At press time, Chainlink continues to exchange hands at $17.96 with a 0.11% gain in the last day. Meanwhile, the token’s daily trading volume has experienced a slight decline of 0.70% and is now valued at $426.65 million. Based on market shares, Chainlink is ranked as the 12th largest cryptocurrency with a total market cap value of $10.55 billion.

Chainlink

LINK trading at $17.944 on the daily chart | Source: LINKUSDT chart on Tradingview.com

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Solana Gains 5% Despite CPI Latest Data And FTX Liquidation Approval – Here Could Be Why

Solana (SOL) has recorded a 5% gain in the last 24 hours amidst certain concerning developments in the crypto space. On Wednesday, the United States published its Consumer Price Index (CPI) data for August, which shows that inflation rose from 3.2% to 3.7%, higher than the predicted outcome by analysts.

In addition, the bankrupt FTX exchange obtained court approval to liquidate its crypto holdings worth $3.4 billion as it looks to offset its debt.

Normally, developments such as this are expected to induce a selling pressure on crypto assets.  However, the majority of the market is staying afloat with slight gains in the last few hours, while Solana has even embarked on a rally, drawing much attention from investors. 

Interestingly, popular crypto analyst Michaël van de Poppe has given possible reasons as to why the crypto market may not be moving as widely expected. 

Most of FTX’s Solana Are Staked And Inaccessible – Analyst Explains

According to an X post on Wednesday, Michaël van de Poppe states that there should not be much reaction from the crypto market despite the latest CPI data and the court approval for FTX’s liquidation.

Related Reading: Solana Potential Rebound: Can Bulls Hit Their $30 Target?

The analyst explains that most of the Solana, which makes up the bulk of the FTX crypto holdings, with a value of $1.2 billion, is currently staked and thus cannot be liquidated.

Van de Poppe states that only 7 million SOL is available to FTX for liquidation, and most of these tokens have been sold in the past week. Given these circumstances, the analyst predicts a “sell the rumor, buy the news” scenario would likely occur.

In relation to the other crypto holdings of FTX, Michaël van de Poppe states the exchange is only allowed to sell $200 million worth of assets per week. 

Furthermore, the current market prices have been factored on during the calculation of this liquidation rate; thus, it will likely not produce a high level of selling pressure. 

In addition to Solana, FTX also looks to liquidate other assets such as Bitcoin (BTC), Ethereum (ETH), Aptos (APT), and XRP, among others.

Van De Poppe’s Take On CPI Report

Explaining the crypto market’s response to the latest CPI data, Michaël van de Poppe explains that while inflation rates rose higher than predicted in August, the core CPI value was 4.3% as expected, which is lower than July’s value of 4.7%

Related Reading: SOL Price Prediction: Solana Takes Hit and Could Dive To $15

Therefore, the analyst postulates that the US Federal Reserve would likely not be introducing any interest rate hike. This is because the Fed is known to focus more on core CPI data, which provides a long-term outlook on the nation’s inflation rate. 

At the time of writing, Solana trades at $18.69, with a loss of 0.29% in the last hour based on data from CoinMarketCap. Meanwhile, the token’s trading volume is up by 47.89% and is now valued at $446.52 million. 

Solana

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Michaël van de Poppe Mentions Three Cryptos That May Restart Alt Season As Mark Cuban Buys More

Michaal van de Poppe, a top crypto analyst, has offered his thoughts on the prospect of a new altseason, highlighting three cryptos that appear to be primed for new breakouts.

In a new video, Van de Poppe tells his 103,000 subscribers that despite the harsh late-May correction that saw Bitcoin tumble to $30,000, an altseason may be in the cards in the coming weeks.

The whole altcoin market cap is still above the 21-day weekly moving average (21 WMA), indicating that the cryptocurrency bull run is likely not done yet.

“We are still acting above the 21 WMA meaning that the chances of us continuing the grind to the upside are significant…Many altcoins are going to make new highs in their USD and Bitcoin pairs. That the altcoin market cap is currently holding above the 21 WMA is a very bullish trigger and a good signal of the momentum we have, through which the assumption [is] that we can continue grinding up and that we still have a very strong summer coming up for altcoins…

He noted that he still strongly believes that the alt season is not far off. The recent fall in the market is simply a stop gap.

“Are we going to get a big altcoin season? The thesis is still standing, and I’m still assuming that they’re going to continue their momentum. It’s time for you to start accumulating,” he said.

Van de Poppe claims that automated market maker Curve Finance (CRV) is on the verge of retaking the 100-day and 200-day moving averages in its Bitcoin pair (CRV/BTC) and continuing its ascent.

“CRV is currently in the resistance zone acting in one, but we can assume and expect that we are flipping back above the 100 and 200-day moving average, granting us support there. Then, we can start breaking out of this accumulation range towards new highs.”

After sliding below the 100 and 200-day moving average indications, the cross-chain lending platform KAVA is ready to hit new yearly highs versus Bitcoin (KAVA/BTC), according to the trader.

“We can see that we are making higher highs and higher lows and the momentum starts to switch… in which we are getting into a new cycle for KAVA. We are gaining back the losses we have made,” he added.

cryptos lith ETH are bouncing back
ETH/USD slowly recovering. Source: TradingView.

Related article | Is It Bitcoin Season or Altseason? Right Now No-one Knows

Mark Cuban Holds A Lot Of Cryptos

One of Cuban’s Ethereum wallets was uncovered in January when he minted an NFT on Rarible, a decentralized non-fungible token marketplace.

The wallet had a variety of decentralized finance (DeFi) currencies at the time, but the majority of his funds were dedicated to the lending protocol Aave.

Cuban seemed to have virtually exhausted the same wallet. It has over $26,000 worth of odd cryptocurrencies like Dogelon (ELON), Doge Inu (DOGI), and Bingo Inu, and about $2,000 worth of Ethereum (BINGO). It’s unclear if Cuban purchased these crypto assets or if they were given to him by holders looking to promote their own currencies.

Lark Davis, a crypto analyst and influencer, also weighs in on the contents of Cuban’s various crypto wallets, pointing out that the Dallas Mavericks owner previously stated in an interview that he maintains 60% of his crypto portfolio in Bitcoin, 30% in Ethereum, and 10% in other altcoins.

Davis said:

“From what we know, from what we’ve gathered and from what we can see on the blockchain, he has Aave, Rarible (RARI), SushiSwap (SUSHI), Polygon, Serum (SRM), Injective and Fantom (FTM)…

The coins I just mentioned are likely not his full portfolio but are the coins that he has publicly admitted to owning or we can see in his addresses.”

Related article | Which Altcoins Are More Likely To Catch The Bounce?

Featured image from Pixabay, Charts from TradingView.