Cryptocurrency analyst Michaël van de Poppe shared his market expectations following Bitcoin’s recent decline and assessed potential price action ahead of the FOMC meeting. According to van de Poppe, a short-term correction could pave the way for a confirmation of the uptrend.
The analyst stated that Bitcoin could make a correction that would sweep away the lows at the beginning of the week or before the FOMC meeting, and that a test of the $87,000 level is possible.
In this scenario, Van de Poppe stated that if Bitcoin rebounds rapidly after the decline, it will re-enter an uptrend, arguing that he expects a rally to $100,000 within one to two weeks once the $92,000 resistance level is broken. He noted that macro factors such as the Fed’s reduction of balance sheet contraction, preparations for interest rate cuts, and increased liquidity will support this rise.
According to the analyst, the scenario has two critical invalidity points:
- Losing $86,000 could push the price into the $80,000 range.
- Failure to break and hold above $92,000 could invalidate the bullish scenario and increase the risk of a decline.
Van de Poppe noted that Bitcoin swept through the above-mentioned area a bit earlier than expected, adding that the chart outlook is not bad. According to the analyst, a test of $92,000 in the coming days will strengthen the price’s chances of reaching $100,000 and generate momentum in the altcoin market.
On the other hand, in a bearish scenario, if the weekend volatility continues, closing below $86,000 could pave the way for a new test in the $78,000-$80,000 region.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/experienced-expert-predicts-what-might-happen-next-with-bitcoin-prices-if-this-level-is-not-broken-there-will-be-a-drop/
