Cryptocurrency analyst Michael van de Poppe has predicted that Bitcoin is due for a price correction that will put the currency in the $39,000-$42,000 range. In a YouTube appearance, van de Poppe stressed that if the pioneer cryptocurrency wants to keep its bullish momentum then bulls should focus on the $40,500 mark. The analyst’s latest projection comes as Bitcoin MACD turned green for the first time since the all-time high in April.
On Wednesday, Bitcoin reached local lows of $44,215, which represents a $3,800 dip from its recent high of $48K.
However, earlier today it recouped some of those losses and surged back to $45,043. This might very well be a temporary uptick since a healthy correction is needed before the currency resumes its climb upwards.
Crypto analyst Michael van de Poppe indicates that BTC is currently looking at two support levels. One at $44,300 and another at $43,000. He said that the moment Bitcoin falls below $43K, it could test $40,500 as its next support. This movement would be part of a “healthy correction” before the market rebounds.
He suggested that bulls should be looking at $37,000 as the last higher low construction in the current Bitcoin trading zone.
To return to its bullish momentum, van de Poppe added, Bitcoin would have to retest $45,600, which was earlier rejected. As of press time, the crypto was a few hundred dollars away from the aforementioned price.
Despite the ongoing fluctuation, Bitcoin Bulls received some relief from a crucial indicator that recently turned green.
The MACD (moving average convergence/divergence) tool has been green since August 8 and is turning bullish for the first time in the last 11 months. It is historically considered a good sign for the market and is used to chart an asset’s entire trajectory.
Last week, Twitter user Bitcoin Archive highlighted that a similar green phase occurred before the 2019 bull run.