Bitcoin’s Fate Hangs in the Balance as CPI Report Looms: Expert Anticipates a Make-or-Break Moment
Bitcoin’s price remains in the negative, and the Consumer Price Index report that is due out later today has further ratcheted up the anxiety among traders and investors, who are unsure whether or not the data will force the king coin to drop much more.
Michael van de Poppe Weighs in
A prominent crypto expert by the name of Michael van de Poppe has chimed in on the topic and said that he does not see Bitcoin dropping much lower. The expert believes that there is a possibility that the price of the king coin will drop below $20,000 before the month of February is finished; however, he anticipates that this decline will be extremely temporary. Poppe provided another refutation of the rumors that the price of bitcoin will return to $15,000.
Since the beginning of the year, the analyst has maintained a bullish stance toward BTC. In his analysis, he predicted many weeks ago that he anticipates a significant decline in the price of the king coin to the level of $21,700.
Poppe admits that the surge in trading activity for bitcoin represents increased momentum in favor of the bulls. This indicates that the value of the cryptocurrency might see a significant increase to reach $40,000 by June 2023.
The market expert believes that a break over the $23,200 level would cause bitcoin to surge above the $25,000 level, which is the next immediate level of resistance. In spite of the fact that he is aware of the possibility that a decline would result in the loss of liquidity, he feels that it may be a profitable chance for buying.
At the time of writing, the 24-hour volume for Bitcoin trading was $35.3 billion, while the price of Bitcoin had fallen by 0.5% to $21,734. Maintaining its lead as the largest digital currency by market value (438.2 billion dollars), Bitcoin is still going strong.
The token’s price might drop to an estimated $21,500 if it continues to trend downward from its present level. Technical analysis, however, shows increased selling pressure, as shown by the RSI and MACD indicators, which might lead to a new bottom of $21,050 in the near future.