Benzinga - Crypto analyst Michaël van de Poppe has forecasted a potential Bitcoin (CRYPTO: BTC) dip in the coming days, citing macro-economic factors. However, he remains optimistic about a quick recovery for the leading cryptocurrency.
What Happened: Van de Poppe took to social media platform X to share his insights on the future of Bitcoin. He predicted a short-term downturn in the cryptocurrency’s value, with the potential for a recovery within a week.
“Massive macro-economic week, starting today. Expecting some more downside on #Bitcoin to be happening, after which I think we’ll find the bottom within one week. Taking liquidity
Massive macro-economic week, starting today.Expecting some more downside on #Bitcoin to be happening, after which I think we'll find the bottom within one week.
Taking liquidity
— Michaël van de Poppe (@CryptoMichNL) April 30, 2024
Despite the projected dip, Van de Poppe believes that Bitcoin will stabilize and start to rise again after reaching a low point.
See Also: Michael Saylor Summarizes Why MicroStrategy Is Superior To Bitcoin ETFs
Why It Matters: Van de Poppe’s prediction comes at a time when the cryptocurrency market is experiencing significant fluctuations. Just a day before his forecast, pseudonymous trader “Stockmoney Lizards” reassured the market that Bitcoin’s recent correction was a necessary phase for the chart to look good, maintaining a bullish outlook despite the price consolidation. This suggests that the market is in a state of flux, with potential for quick changes in value.
Additionally, despite the recent slowdown in spot Bitcoin ETF flows, research and brokerage firm Bernstein remains optimistic about the future of the cryptocurrency market. The firm’s analysts expect an upward trajectory, with Bitcoin potentially reaching a $150,000 price target by the end of 2025. This indicates that despite short-term fluctuations, the long-term outlook for Bitcoin remains positive.
However, it’s important to note that Bitcoin’s short-term holder realized price is at $59,800, which could potentially lead to a significant correction in its price, according to a prominent crypto analyst.
Price Action: Bitcoin is currently trading at $61,920, reflecting a 3.01% decline over the past 24 hours. Nevertheless, it has surged by an impressive 40.18% year-to-date, according to the data from Benzinga Pro.
Read Next: ‘Spectacular Meme Runs’ Mean These Three Altcoins Could Be ‘Doomed To Irrelevancy,’ Muses Veteran Trader
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