{"id":635574,"date":"2024-08-15T15:00:43","date_gmt":"2024-08-15T15:00:43","guid":{"rendered":"https:\/\/www.shenyangcang.com\/?p=635574"},"modified":"2024-08-15T06:39:30","modified_gmt":"2024-08-15T06:39:30","slug":"drive-the-bitcoin-price-to-48000","status":"publish","type":"post","link":"https:\/\/www.shenyangcang.com\/news\/bitcoin\/drive-the-bitcoin-price-to-48000\/","title":{"rendered":"Crypto Analyst Reveals What Could Drive The Bitcoin Price To $48,000"},"content":{"rendered":"

The Bitcoin price<\/span><\/a> continues to trade sideways, as uncertainties on the macro side have made investors undecided about their next move. Crypto analyst <\/span>Michael van de Poppe<\/span><\/a> has provided insights into Bitcoin\u2019s price trajectory and has raised the possibility of the crypto dropping to as low as $48,000.\u00a0<\/span><\/p>\n

What Could Make Bitcoin Drop To As Low As $48,000<\/h2>\n

Van de Poppe mentioned in an X (formerly Twitter) <\/span>post<\/span><\/a> that Bitcoin could break below $56,000 and drop to a price target of $48,000 if the Consumer Price Index (CPI) inflation data comes out badly. Meanwhile, he added that with <\/span>Bitcoin currently above $56,000<\/span><\/a>, the first resistance it needs to break is between $60,000 and $61,000. He claimed that a breakout would bring Bitcoin next to its current <\/span>all-time high (ATH)<\/span><\/a> at $73,000.\u00a0<\/span><\/p>\n

Related Reading: Dogecoin On Track To Rally 100% To $0.2; Crypto Analyst<\/a><\/div>\n
\"BTC
Source: X<\/figcaption><\/figure>\n

The <\/span>CPI inflation data<\/span><\/a> released on August 14 saw a 0.2% monthly increase in July and rose at an annual rate of 2.9%, meeting expectations. As such, it was neither considered bullish nor bearish for the market, as Bitcoin remained steady following the news. However, the positive is that the data showed inflation is slowing and that a <\/span>potential interest rate cut<\/span><\/a> in September is still on the table.\u00a0<\/span><\/p>\n

Despite the CPI data not coming out badly, Van de Poppe\u2019s forecast of Bitcoin dropping to as low as $48,000 could still be on the cards, seeing as the flagship crypto\u2019s price action has looked more bearish than bullish in recent times. Alex Kuptsikevich, senior market analyst at FxPro, recently mentioned that Bitcoin is more likely to fall by $5,000 rather than rise by the same amount.\u00a0<\/span><\/p>\n

A $5,000 drop in Bitcoin would put it below the $56,000 resistance level Van de Poppe highlighted, putting $48,000 in sight. <\/span>Crypto analyst Altcoin Sherpa<\/span><\/a> also <\/span>mentioned<\/span><\/a> that Bitcoin will likely drop into the $40,000 range if it fails to break above its current price level. He added that a successful breakout will take Bitcoin to $70,000.\u00a0<\/span><\/p>\n

\"Bitcoin
Source: X<\/figcaption><\/figure>\n

A Strong Rally Is Coming For BTC<\/h2>\n

Amid Bitcoin\u2019s price<\/span>, which is looking undecided about its next move,\u00a0crypto analyst Mikybull Crypto<\/a>\u00a0has\u00a0assured<\/a> us\u00a0<\/span>that a \u201cstrong and massive rally\u201d is looming for the flagship crypto. He made this statement while revealing that the <\/span>global liquidity index<\/span><\/a> has broken out of the 2-year resistance. He noted that Bitcoin\u2019s correlation with the global liquidity index is quite strong.<\/span><\/p>\n

Related Reading: Analyst Says XRP Price Will Rally 10,400% To $60, Here\u2019s When<\/a><\/div>\n
\"BTC
Source: X<\/figcaption><\/figure>\n

The analyst, who had <\/span>earlier claimed<\/span><\/a> that the Bitcoin bottom was in, also recently <\/span>stated<\/span><\/a> that the flagship crypto\u2019s next target as it begins its wave five expansion would be $95,000 and <\/span>then $142,000<\/span><\/a>.\u00a0<\/span><\/p>\n

\"Bitcoin
Source: X<\/figcaption><\/figure>\n

At the time of writing, Bitcoin is trading at around $58,400, down over 4% in the last 24 hours, according to <\/span>data<\/span><\/a> from CoinMarketCap.\u00a0<\/span><\/p>\n

\"Bitcoin
BTC price struggles to hold $58,000 | Source: BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

The Bitcoin price continues to trade sideways, as uncertainties on the macro side have made investors undecided about their next move. Crypto analyst Michael van de Poppe has provided insights into Bitcoin\u2019s price trajectory and has raised the possibility of the crypto dropping to as low as $48,000.\u00a0 What Could Make Bitcoin Drop To As Low As $48,000 Van de Poppe mentioned in an X (formerly Twitter) post that Bitcoin could break below $56,000 and drop to a price target of $48,000 if the Consumer Price Index (CPI) inflation data comes out badly. Meanwhile, he added that with Bitcoin currently above $56,000, the first resistance it needs to break is between $60,000 and $61,000. He claimed that a breakout would bring Bitcoin next to its current all-time high (ATH) at $73,000.\u00a0 Related Reading: Dogecoin On Track To Rally 100% To $0.2; Crypto Analyst The CPI inflation data released on August 14 saw a 0.2% monthly increase in July and rose at an annual rate of 2.9%, meeting expectations. As such, it was neither considered bullish nor bearish for the market, as Bitcoin remained steady following the news. However, the positive is that the data showed inflation is slowing and that a potential interest rate cut in September is still on the table.\u00a0 Despite the CPI data not coming out badly, Van de Poppe\u2019s forecast of Bitcoin dropping to as low as $48,000 could still be on the cards, seeing as the flagship crypto\u2019s price action has looked more bearish than bullish in recent times. Alex Kuptsikevich, senior market analyst at FxPro, recently mentioned that Bitcoin is more likely to fall by $5,000 rather than rise by the same amount.\u00a0 A $5,000 drop in Bitcoin would put it below the $56,000 resistance level Van de Poppe highlighted, putting $48,000 in sight. Crypto analyst Altcoin Sherpa also mentioned that Bitcoin will likely drop into the $40,000 range if it fails to break above its current price level. He added that a successful breakout will take Bitcoin to $70,000.\u00a0 A Strong Rally Is Coming For BTC Amid Bitcoin\u2019s price, which is looking undecided about its next move,\u00a0crypto analyst Mikybull Crypto\u00a0has\u00a0assured us\u00a0that a \u201cstrong and massive rally\u201d is looming for the flagship crypto. He made this statement while revealing that the global liquidity index has broken out of the 2-year resistance. He noted that Bitcoin\u2019s correlation with the global liquidity index is quite strong. Related Reading: Analyst Says XRP Price Will Rally 10,400% To $60, Here\u2019s When The analyst, who had earlier claimed that the Bitcoin bottom was in, also recently stated that the flagship crypto\u2019s next target as it begins its wave five expansion would be $95,000 and then $142,000.\u00a0 At the time of writing, Bitcoin is trading at around $58,400, down over 4% in the last 24 hours, according to data from CoinMarketCap.\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":635588,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,656,679,1119,89185,1122,1144,78790],"class_list":["post-635574","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nCrypto Analyst Reveals What Could Drive The Bitcoin Price To $48,000<\/title>\n<meta name=\"description\" content=\"The Bitcoin price continues to trade sideways, as uncertainties on the macro side have made investors undecided about their next move.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. 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