- Bitcoin (BTC), the largest cryptocurrency, recently experienced a rally above $52,000.
- In a recent analysis by Poppe, emphasis was placed on the possibility of a 40% correction before Bitcoin’s price continues its rise.
- Poppe also discussed the impact of macroeconomic events on Bitcoin’s price movements, listing factors such as the Consumer Price Index (CPI) data.
What path will Bitcoin price follow before reaching the $150,000 target? Famous analysts announced their predictions.
What’s the Next Target for Bitcoin Price?
Bitcoin (BTC), the largest cryptocurrency, recently experienced a rally above $52,000, resulting from increased optimism around Bitcoin’s rise to $100,000. However, despite analysts providing a long-term target of up to $150,000, a correction of up to 40% is expected in Bitcoin’s price before reaching this level.
Renowned crypto analyst Michaël van de Poppe made bold predictions about Bitcoin’s price, forecasting a rally up to $150,000 before a massive pullback. In a recent analysis, Poppe highlighted the possibility of a 40% correction before Bitcoin’s price continues its rise.
According to Poppe, market sentiment often surpasses reality, leading to exaggerated price movements. He stated, “Emotions are always the wrong indicator. Emotions always exaggerate the truth, and emotion leads the price movement a bit further, so people start losing money.” This has been evident in recent market movements, with Bitcoin rising to $50,000 and experiencing clear corrections in subsequent movements.
Additionally, Poppe urged traders and investors to adopt a strategic game plan based on their risk tolerance and investment horizon. For short-term traders, he advised caution, especially when prices are rapidly rising. He warned, “If your horizon is quite short, then buying an asset that has gained 35% in 10 days may not be +EV.” He also emphasized the importance of evaluating risk-return ratios before making trading decisions.
The pullback is expected to come after Bitcoin’s price peaks between $53,000 and $58,000. Conversely, Poppe suggested that long-term investors could benefit from waiting for the market correction and entering afterward. “If your target is relatively short, then buying an asset that has gained 35% in 10 days may not be +EV,” he cautioned. He also highlighted the importance of assessing risk-return ratios before making buying or selling decisions.
Impact of Macroeconomic Factors on Bitcoin
Poppe also discussed the impact of macroeconomic events on Bitcoin’s price movements, listing factors such as the Consumer Price Index (CPI) data. He warned that negative macroeconomic developments could lead to a rapid decline in Bitcoin’s price. “To be honest, when macroeconomic events are somewhat negative, I think it shows that we’ll see a correction,” he said.
Additionally, he added that Producer Price Index (PPI) data in January caused excessive volatility in the market, and this effect was amplified by the January CPI report. Despite the possibility of short-term volatility, Van de Poppe expressed confidence in Bitcoin’s long-term perspective and forecasted a rally up to $150,000. Like other analysts who have provided a $100,000 target for Bitcoin’s price, he presented a positive outlook for Bitcoin’s long-term view.
As of the time of writing, the BTC price is trading at $52,180. The market cap stands out at $1.01 trillion. The 24-hour trading volume has decreased by 12.65% to $21.72 billion. The recent decline in the price of Bitcoin could be attributed to the negative PPI report published on Friday.
