Bitcoin (BTC) will undergo a “final correction” before continuing its bull market for the next two years, a bold new analysis predicts.
Trader, analyst, and entrepreneur Michaël van de Poppe predicted the next BTC price drop to be $53,000 in his latest X content.
BTC Price Prediction: “Clearly Turned Bullish” $53,000
Few Bitcoin market experts are willing to officially declare that the six-month BTC price consolidation is over.
But according to van der Poppe, the end of one of the most disappointing episodes in Bitcoin history is imminent.
“Liquidity is gone and #Bitcoin is back up to $54.8K,” he wrote on September 7th regarding the short-term volatility of BTC/USD.
“I expect a max of $55.5K in this run, then it could definitely revisit $53K before it starts to rally again. Final correction and 2 year recession.”
Another post the day before included a chart outlining a potential roadmap for recovery, barring any unexpected “events” that could derail the recovery.
Bitcoin has failed to convince traders that a lower low is not coming, despite favorable macroeconomic conditions just around the corner, despite the fact that it has bottomed out below $50,000 for the first time in six months. The crypto market remains gloomy.
Van de Poppe acknowledged the risks and argued that stocks were “heading into a bear market.”
“The stock market is weak in terms of liquidity, and people want to put their money into these assets because of the fear of inflation. This will soon reverse,” he predicted on September 8.
Bitcoin vs S&P 500 2019 Repercussions
But there is a silver lining to Bitcoin: a major “crash” is unlikely.
Related: Bitcoin Drops 10% After Halving, Record Delay to All-Time High
On the other hand, BTC/USD is closely following the 2019 performance compared to the S&P 500, which suggests that we are still at the beginning of a long-term bull market, not the end.
“There is a significant correction happening in the market and it is likely to end. Just as the correction in 2019 reached $6,000, Bitcoin is likely to reach $45,000-$50,000,” Van de Poppe concluded.
“From that perspective, given the Fed’s upcoming rate cuts, the weakening economy, and the growing global liquidity coming from China, it seems almost inevitable that we are actually on the edge of the biggest bull cycle in history.”
As Cointelegraph reports, the United States Federal Reserve is scheduled to meet on September 18 to decide on a rate cut, and the market is pricing in a 100% chance of a rate cut in the long term.
This is ultimately expected to benefit cryptocurrencies and risky assets, as lower interest rates will bring liquidity into the markets.
According to data from Cointelegraph Markets Pro and TradingView, BTC/USD closed the week of September 8 at around $54,000.
This article does not contain any investment advice or recommendations. All investment and trading moves involve risk, and readers should conduct their own research when making decisions.