Bitcoin Could Plunge Lower Before Reversing Back Up, Says Analyst Michaël van de Poppe – Here Are His Targets

A widely followed crypto analyst is predicting that Bitcoin (BTC) could fall further before mounting a comeback.

Crypto trader Michaël van de Poppe tells his 723,600 followers on the social media platform X that BTC could drop to $54,000 before hitting the reversal.

“The lower timeframe picture on Bitcoin is highly boring.

Took the liquidity above $58,200 and dropped back.

Most likely, we’ll take the liquidity lower at $54,000 and then reverse back up, but it’s event week.

Crucial levels: $56,000 / $58,200.

Either will provide direction.”

According to Van de Poppe, there are “important” macro-factors that will likely send Bitcoin rallying soon.

“This is important.

Job Openings – The worst in 3 years.

ADP data – The worst in 3+ years.

The economy is weakening substantially, through which Gold rallies upwards.

I suspect that the FED needs to cut rates by 50bps to stay ahead of everything happening and that the likelihood of quarterly earnings will be increased –> Bitcoin to be strongly rallying upwards.”

According to the analyst, the flagship crypto could even drop out of the $50,000 range before it can gather strength.

“The markets are correcting.

Liquidity has been taken, but it doesn’t provide the actual bounce upward we wanted.

If that’s the case, then $53,000 is likely, or even $49,000, before the reversal happens for Bitcoin.

It’s still early September.”

BTC is worth $56,038 at time of writing, down 3.2% in the last 24 hours.

 

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