Crypto Analyst Predicts Bitcoin Price Poised To Drop To $57k, Expects Altcoin Rally 

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On March 15, Bitcoin price faced a significant crash falling significantly from its new ATH price to $66,699. Just a few days back bitcoin prices hit their all-time high price of $73,634. Apart from the price fall cryptocurrency has seen remarkable growth, surging more than 60% since early 2024, when it was trading above $45,000.

Meanwhile, renowned crypto analyst Michaël van de Poppe has provided insight into the current state of the cryptocurrency market. He predicts a correction for bitcoin, targeting between $57,000 and $61,000.

Additionally, he predicts an “altcoin season” on the horizon, which means increased activity and profitability for new cryptocurrencies.

Bitcoin Price Correction

In a recent tweet, crypto analyst Michaël van de Poppe confirmed a legitimate bearish divergence in bitcoin prices. This split is based on observed low periods, indicating lower timeframes, which show lower highs, combined with a clear rejection at the $70.5K level.

Van de Poppe’s research suggests that Bitcoin could be poised for a correction, with potential downside targets ranging from $57K to $61K. Also, he thinks Bitcoin may have already peaked before the impending Bitcoin halving event.

Altcoin Season on the Horizon

Despite the bearish sentiment surrounding Bitcoin, van de Poppe expresses optimism about the broader cryptocurrency market, especially altcoins. He predicts an “altcoin summer” is coming, meaning increased activity and potential profitability in various alternative cryptocurrencies

Van de Poppe’s insights come at a time of heightened volatility and uncertainty in the cryptocurrency space. As of now, bitcoin price has slightly recovered from yesterday’s drop and is hovering at $69,169, with a market cap of 1.36 trillion.