The cryptocurrency market is still struggling to regain its strength after a series of adverse events in the industry, leading crypto traders and investors to intensely scrutinize the price activity of its largest asset and to try to predict its next price moves.
In particular, crypto trading expert Michaël van de Poppe, after a detailed analysis of previous Bitcoin (BTC) actions, noted its correction and explained why it was happening in a Tweeter August 9.
According to him, Bitcoin is correcting due to (in his view, unwarranted) fears over the new Consumer Price Index (CPI) or inflation data report due out on Wednesday, August 10, as well as the “ resistance around $24.K continues to be the resistance.
Additionally, van de Poppe pointed out that he “expects to see a test around $23-23.2K to hold, so the trend continues.” Moreover, the experienced crypto trader believes that another resistance test would lead to a “breakout towards $28,000”.
What other experts anticipate from Bitcoin
Meanwhile, another crypto market expert, Ali Martinez, said that the first crypto could reach $27,000 in the near future, if it holds the crucial support level in the $22,720 demand zone at $23,390.
Meanwhile, billionaire and CEO of crypto investment firm Galaxy Digital, Mike Novogratz, played down his previously bullish Bitcoin scenario, admitting he was “happy with a $20,000 to $30,000 range.” for Bitcoin by the end of the year.
Interestingly, Novogratz previously expressed his exceptionally high predictions for Bitcoin over the next five years, saying that its pace of adoption and special features will undoubtedly help it reach the $500,000 figure during that time. .
At press time, Bitcoin is trading at $23,299, which is down 3.36% on the day, but still up 2.13% over the previous seven days, according to data Finbold has. extracted from CoinMarketCap.
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