Bitcoin Bearish Signal: Analyst Predicts Potential Dip To $52,000

As
the
price
action
of
Bitcoin
continues
to
attract
crypto


investors’
interest,
Michael
Van
De
Poppe,
a
well-known
market
analyst
and
trader
in
a
bearish
scenario
has
made
a
worrying


prediction,
warning
the
community
of
a
potential
drop
in
price
for
the
crypto
asset
to
the
$52,000
level.

Bitcoin
Poised
For
A
Possible
Decline

Michael
Van
De
Poppe’s
prognosis
explores
the
factors
that
are
driving
the
gloomy
view
of


Bitcoin‘s
price
trajectory,
in
the
midst
of
market
turbulence
and
uncertainty.

Related
Reading

Van
De
Poppe
affirms
that
the
largest
crypto
asset
by
market
cap
is
currently
at
the
range
low.
For
Bitcoin
to
maintain
the
range
and
the
upward
momentum
to
persist,
this
is
technically
the
region
it
should
probably
hold.

Should
the
asset
fail
to
sustain
this
position,
Van
De
Poppe
anticipates
a
potential
movement
on
the
downside
in
the
future.
Thus,
he
has
placed
his
price
targets
at
$55,000
or
even
further
toward
the
$52,000
threshold.

The
post
read:

Bitcoin
is
at
the
range
low.
This
is
technically
the
area
where
you’d
prefer
to
see
it
hold,
so
the
upward
momentum
continues,
and
the
range
holds.
If
this
doesn’t
hold,
then
we
might
expect
$52-55K
as
a
potential
low
on
this
correction.

Van
De
Poppe
previously
pointed
out
that
Bitcoin
is
gradually
moving
close
to
the
lower
bounds
of
the
range, in
order
to test
support
around
$62,250
level.
Consequently,
it
appears
likely
that
BTC
will
keep
moving
toward
the
upside,
following
the
breakout
of
the
support
level.

However,
since
the
recently
concluded

Bitcoin
Halving
event,
boredom
has
set
in,
suggesting
a
possible
price
decline.
Thus,
should
a
correction
on
the
downside
eventually
take
place,
$52,000
and
$55,000
are
the
two
levels
Van
De
Poppe
expects
BTC
to
drop
to.
Despite
the
negative
outlook
for
BTC,
the
crypto
expert
thus
far
has
urged
investors
to
acquire
more
of
the
coin.

Opposite
Sentiment
On
BTC’s
Investment

While
Poppe
solicits
investors
to
invest
more
in
BTC,
crypto
critic
and
gold
advocate
Peter
Schiff,
on
the
other
hand,
has
urged
investors
not
to
do
so.
Instead,
Schiff
has
highlighted
a
possible
impending
massive
rally
for
assets
like
Gold,
Silver,
and
mining
stocks.

Related
Reading

He
claims
that
the
charts
and
the
fundamentals
have
never
looked
this
promising.
Due
to
this,


Schiff

implored
investors
to
engage
more
with
these
assets,
saying
Bitcoin
is
dead
money
and
holders
should
sell
before
it
is
buried.
“Take
advantage
of
what
could
be
the
biggest
precious
metals
bull
market
in
history,”
Schiff
added.

As
of
today,
Bitcoin’s
price
has
shown
resilience,
fueling
optimism
of
an
upward
movement.
BTC
has
recovered
the
$63,000
price
level
once
again
after
falling
to
nearly
$60,700
on
Thursday.

The
digital
asset
is
trading
at
$63,077,
indicating
a
3%
rise
in
the
last
24
hours.
Data
from
CoinMarketCap
shows
that
both
the
market
cap
and
trading
volume
have
also
increased
by
3.10%
and
5.52%,
respectively,
in
the
past
day.

Featured
image
from
iStock,
chart
from
Tradingview.com