The cryptocurrency market is still struggling to regain its strength after a row of unfavorable events in the industry, leading crypto traders and investors to intensely examine the price activity of its largest asset and try to predict its next price moves.
In particular, crypto trading expert Michaël van de Poppe, upon detailed analysis of Bitcoin (BTC)’s previous actions, noted its correction and provided an explanation as to why it was happening in a tweet on August 9.
According to him, Bitcoin is correcting due to (in his opinion, unwarranted) fears over the new Consumer Price Index (CPI) or inflation data report that is slated to come out on Wednesday, August 10, as well as the “resistance around $24.K continuing being resistance.”
In addition, van de Poppe stressed that he’s “expecting to see a test around $23-23.2K to hold, so trend continues.” Furthermore, the experienced crypto trader believes that another test of resistance would result in a “break-out towards $28K.”
What other experts anticipate of Bitcoin
Meanwhile, another crypto market expert, Ali Martinez, has stated that the maiden crypto might reach $27,000 in the near future, should it retain the crucial support level in the $22,720 – $23,390 demand zone.
At the same time, billionaire and CEO of crypto investment company Galaxy Digital, Mike Novogratz, has downplayed his previously bullish Bitcoin scenario, admitting he was “happy with a $20,000 – $30,000 range” for Bitcoin by the end of the year.
Interestingly, Novogratz had previously expressed his exceptionally high predictions for Bitcoin in the next five years, claiming its adoption pace and special characteristics will undoubtedly help it push toward the $500,000 figure during that period.
At press time, Bitcoin is trading at $23,299, which represents a decrease of 3.36% on the day but still an increase of 2.13% across the previous seven days, according to data Finbold retrieved from CoinMarketCap.
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