Analyst expects Bitcoin price correction to continue and is targeting support at $57,000

Bitcoin (BTC) has attracted a lot of attention in recent weeks, with a stunning price surge that led to a new all-time high of $73,750. Broadly defined as the pre-halving rally, BTC's soaring gains were followed by significant price corrections, with the crypto market leader trading at just $65,630 on March 15.

While the cryptocurrency may have seen some minor gains over the past 12 hours amid a market rally, popular analyst Michaël van de Poppe has issued a worrying prediction that suggests the Bitcoin price correction may be far from over.

According to analysts, Bitcoin may have peaked before the halving

In a Friday post on The analyst first emphasized that BTC still has a valid bearish divergence, which is aboveOccurs when the price of an asset makes higher highs while the corresponding indicator makes lower highs. This usually indicates that the driving force behind a particular trend is weakening and a reversal is now on the horizon.

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#Bitcoin continues to exhibit a valid bearish divergence.

This is confirmed by the shorter time frame, lower highs and clear rejection at $70.5K.

For this correction I would target $57,000-$61,000 and we will likely have reached the pre-halving high.

Altcoin summer is just around the corner. pic.twitter.com/bGmnHcVDnz

– Michaël van de Poppe (@CryptoMichNL) March 15, 2024

In the case of Bitcoin, the bearish divergence suggests that the coin's recent rally may have exhausted itself and is now likely to result in significant negative price action. Van de Poppe explained that this theory was confirmed by BTC's recent rejection at the $70,000 zone during its attempted market rally.

The well-known crypto analyst predicts that Bitcoin will soon resume its price correction and fall to a price range of $57,000 to $61,000. If these speculations prove true, it could also suggest that the BTC market could similarly reach its highest value before the Bitcoin halving.

For comparison, the Bitcoin halving has historically been preceded by a price rally, which was followed by a significant price decline of 20% to 40%. With the next halving set to take place in April 2024, van de Poppe believes that a further decline in Bitcoin could mean the end of the pre-halving rally.

BTC price overview

According to data from CoinMarketCap, Bitcoin is currently trading at $69,027, up 0.17% and 1.26% in the last hour and day, respectively. At the same time, the token's daily trading volume increased by 1.20% and stands at $69.58 million.

BTC is trading at $69,259 on the weekly chart | Source: BTCUSD chart on Tradingview.com

Featured image from iStock, chart from Tradingview

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