Bitcoin Correction Brewing? Analyst Predicts $26.8K Price Target

Over the past 24 hours, Bitcoin took a significant hit, slipping under a crucial support level at $27,285. This tumble led to notable sell-offs, leaving many questioning the future of the cryptocurrency market. Despite Bitcoin’s market dominance, it’s currently in uncertain waters. To add to the unease, there’s the troubling “death cross” on the hourly chart, where the 50 and 200 Moving Averages (MA) hint at more price turbulence ahead.

Experts Speak

Well-known crypto strategist Michaël van de Poppe, from Amsterdam, Netherlands, offers insights into Bitcoin’s recent performance, describing it as weak and in need of a short-term correction. This correction is happening alongside some impactful events in the United States, further complicating the market.

The United States Bureau of Labor Statistics is set to release the Consumer Price Index (CPI) data, and the Department of Labor will announce unemployment claims data. Traders eagerly await the Federal Reserve’s release of the Federal Open Market Committee (FOMC) report, which will provide valuable insights into the economic and financial conditions.

Also Read: Bitcoin Halving Hype: Crypto Expert Predicts Bull Run Starting November 21st

Bitcoin Price Targets

With Bitcoin’s shaky short-term outlook, Poppe sets a price target of around $26,800 for the coming days. He’s considering making a buy bid at approximately $26.7k, with a stop loss at $26,063 and a take profit level of about $28,867. Poppe is confident that the critical support around $25.1k will remain strong, even in the face of sudden market shifts, thanks to the mid-range support around $25.7k.

The Waters are Rough

Bitcoin’s recent price movement and the impending economic data releases from the United States have created a challenging environment for traders. Michaël van de Poppe’s analysis suggests a short-term correction, with a specific price target and strategic entry and exit points. However, the cryptocurrency market remains highly dynamic, and investors should exercise caution and stay informed about the latest developments.