Bitcoin (BTC) continues to trade below the $20,000 level as the market reacts to the positive August jobs report in the US. Amidst the correction in the value of BTC, the focus is on the asset’s next price action, with some investors pointing to a bottom.
Along these lines, crypto trading expert Michael van de Poppe believes that the major cryptocurrency is likely to correct briefly before rallying again in the coming weeks, he said in a YouTube post on September 4.
Specifically, Poppe indicated that Bitcoin could drop to $19,300 while setting the next potential high target at around $28,000 or $30,000.
With Bitcoin stuck in the $19,000 and $21,000 range, Bob indicated that the situation could lead to a sub-par “cash snatch”. He noted that to continue rising, Bitcoin needs to break $20,400 and target $21,500.
“We are not going to $21,600, and that leads me to believe that we pull back to new lows or at least break below $19,300, sweep that low, and then the recovery is an incentive to continue, and then I think that from $28K to $30K dollar “.
In the meantime, Bob indicated that there is a possibility that Bitcoin has bottomed out and is ready for a rally. However, he stressed that in order to achieve the goal, Bitcoin must hold the 200-week moving average in market capitalization and stay above $19,000.
In general, Bitcoin continues to decline in the wake of the prevailing macroeconomic factors. At press time, the asset was trading at $19,800, down nearly 1% in the past 24 hours.
Catalysts for the recent Bitcoin correction
It is worth noting that bitcoin has rebounded briefly in the wake of wage data that prompted the general market to regain its $1 trillion market cap. However, the ongoing correction aligns with the views of many analysts that a favorable labor market could negatively affect Bitcoin.
Interestingly, Poppe ruled out payroll data as a reason for the latest correction. He cited the G7’s tendency to cap Russian oil as a driver, given that the cryptocurrency market is traded alongside stocks.
Moreover, amidst the uncertainty, recent technical analysis of Bitcoin indicates that the future remains bleak. As reported by Findbold on September 3rd, Bitcoin’s one-day technical analysis summary indicated a strong sell-off at 16 while neutral levels were at nine.
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A post-Crypto expert predicts a Bitcoin correction extending below $20,000 before a possible $30,000 rally debuts on Coinphony.