Bitcoin Price Crash Alert? Analyst Sees Correction Coming, Altcoins Set to Soar
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Bitcoin took a tumble on March 15, dropping significantly from its recent all-time high (ATH) to $66,699, after reaching a peak of $73,634 just days earlier. Despite this dip, cryptocurrencies have shown remarkable growth, surging over 60% since the start of 2024, when Bitcoin traded above $45,000.
Hold on tight, because crypto analysts are predicting a major shift in the market, with potential price drops for Bitcoin and a surge for altcoins.
Insights from Van de Poppe
Crypto analyst Michaël van de Poppe weighs in on the situation, predicting a correction for Bitcoin with a target range between $57,000 and $61,000. He also anticipates an “altcoin season” ahead, signaling increased activity and potential profits for new cryptocurrencies.
In a recent tweet, Van de Poppe highlighted a bearish divergence in Bitcoin prices, pointing to lower timeframes showing diminishing highs and a clear rejection at the $70.5K mark.
According to his analysis, Bitcoin could be headed for a correction with downside targets ranging from $57K to $61K, possibly indicating that its peak has already passed before the upcoming Bitcoin halving event.
Also Read: Top Reasons Why Traders Need to Be Bullish on This Bitcoin Dump!
Altcoin Season on the Horizon?
Despite concerns about Bitcoin’s direction, Van de Poppe remains optimistic about the broader cryptocurrency market, especially altcoins. He envisions an “altcoin summer” ahead, suggesting increased activity and potential profitability for various alternative cryptocurrencies.
Van de Poppe’s insights come amidst a period of volatility and uncertainty in the cryptocurrency space. Currently, Bitcoin has slightly recovered from its recent drop, stabilizing at $69,169, with a market cap of 1.36 trillion.
Read More: 10 Must-Have Altcoins to Amplify Your Portfolio Before the Next Crypto Surge!
Altcoin season on the horizon? Which altcoins are you keeping an eye on?
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