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 <a href="https://www.youtube.com/watch?v=OoWbz_UHpk4">YouTube appearance</a>, 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.
<h2>Bitcoin to Undergo Healthy Price Correction as MACD Turns Green</h2>
On Wednesday, Bitcoin <a href="https://www.cryptoknowmics.com/news/bitcoin-will-knock-out-gold-soon-says-bloomberg-strategist/">reached</a> 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 <a href="https://www.cryptoknowmics.com/news/analyst-michael-van-de-poppe-shares-new-support-levels-for-btc-and-ethereum/">indicates</a> 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.

“The most obvious case for the markets right now is that we’re going to have that corrective move somewhere towards the region of $39,000 to $42,000,” van de Poppe noted.

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.
<h2>MACD Provides BTC Bulls Much Needed Relief</h2>
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.

Analyst Predicts Bitcoin Due for Correction as MACD Flashes Green

Michael van de Poppe has predicted that Bitcoin is due for a price correction. His projection comes as the MACD turned green for the first time since April.

Divya is a postgraduate from Jawaharlal Nehru University specializing in International Relations and a professional writer with more than 5 years of experience writing for the web. She is an avid reader interested in the global financial system and the effects of decentralization. At Cryptoknowmics, she hopes to deliver clear and understandable content to inform readers about the latest events in the crypto sector.

Analyst Predicts Bitcoin Due for Correction as MACD Flashes Green

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