Renowned cryptocurrency expert Michaël van de Poppe has cautioned Bitcoin (BTC) investors, stating that the leading cryptocurrency may soon approach the $60,000 threshold. The prediction is made at a time when Bitcoin is showing indications of a negative trend and recent price movements have many in the cryptocurrency world very interested.
Van de Poppe clarified that he had become interested in Bitcoin. He stated his opinion that the price may essentially remain unchanged, speculating that it might challenge the $60K mark in the run-up to the FOMC meeting in the United States. He said that there was a good chance that this would create a new low for the time being and that it would likely reach a pre-halving high.
https://x.com/CryptoMichNL/status/1770368588450336862?s=20
Bitcoin displays bearish outlook
According to Van de Poppe’s chart, there is a discernible downward trend in the value of Bitcoin, and the cryptocurrency is showing a bearish divergence that is likely to hold through rejection at the $72K mark. The pattern that has been highlighted points to a decline from the recent highs, and a major level of support is expected to be around $60,000. This key place where a possible bottom may occur might be Bitcoin’s pivotal point.
The chart also highlights the current price collapse and suggests that it may drop another 20% or more from its top. The analyst’s pessimistic assessment has been strengthened by Bitcoin’s inability to break over the $73,000 mark; a potential revisit of the lower $60K range is anticipated.
This forecast’s timing is especially important because it coincides with the FOMC meeting that is taking place later today. Jerome Powell, the chair of the Federal Reserve, is anticipated to give an update on the state of the economy and announce any changes to interest rates during the conference. FOMC meetings have a history of causing volatility in a number of markets, including cryptocurrency markets.
Both traders and investors are tense as they wait to see how the Federal Reserve’s actions may affect Bitcoin and the larger cryptocurrency market. Significant price swings might be caused by an unanticipated shift in the economic outlook or an interest rate rise, which is why the $60,000 level is so important to monitor.
