Will Bitcoin Hit Turbulence? 40% Correction Eyed Before Reaching $150,000, Analyst Warns
The post Will Bitcoin Hit Turbulence? 40% Correction Eyed Before Reaching $150,000, Analyst Warns appeared on BitcoinEthereumNews.com.
The recent surge in Bitcoin (BTC) prices, pushing past the $52,000 mark, has ignited a wave of optimism within the cryptocurrency community. Visions of a six-figure future dance in investors’ heads, with some analysts even proposing a $150,000 target. However, a prominent voice has emerged casting a shadow of caution: Michaël van de Poppe, a renowned cryptocurrency analyst, predicts a potential 40% price correction before Bitcoin embarks on its ascent to glory. Sentiment Overload: A Recipe For Correction? Poppe’s prediction hinges on the notion of market sentiment overshooting reality. He argues that emotions often drive prices to unsustainable highs, creating ripe conditions for a pullback. “Sentiment is always a wrong indicator,” he emphasizes, highlighting the tendency for overly optimistic projections to fuel price bubbles. He points to the recent rally and subsequent dip as a prime example, reminding investors that “emotions always exceed reality and sentiment overshoots the price action by a mile.” #Bitcoin rallies to $50,000 and higher, are we going to see $100,000 in the next few months? The ultimate question is what the price of Bitcoin is going to do in the upcoming period. The inflow has netted more than $2 billion in a week. What can we expect with Bitcoin? 👇… — Michaël van de Poppe (@CryptoMichNL) February 16, 2024 Bitcoin Strategic Maneuvers: Navigating The Volatile Seas This potential volatility underscores the importance of strategic investing, especially for short-term traders. Poppe advises caution when prices see rapid appreciation, suggesting that “if your horizon is relatively short, then it might not be +EV [expected value] to buy an asset that appreciated 35% in 10 days.” His mantra centers around calculated risk management, urging investors to carefully assess risk-reward ratios before making any decisions. BTCUSD currently trading at $51,895 on the daily chart: TradingView.com Long-Term Vision: Buying The…
Filed under: News - @ February 18, 2024 12:10 pm