Crypto analysts Van de Poppe and Nicholas Merten expect the Bitcoin price to undergo a major correction. Analysts say that in such a situation, bottom prices will provide an opportunity for accumulation.
Analysts agree, Bitcoin will see one final correction
In his current analysis, Poppe predicted that Bitcoin will witness a final steep move downwards. According to the analyst, Bitcoin bulls should consider this correction as an opportunity to add BTC. Poppe says in part of his YouTube post:
Bitcoin is currently at $25,000… We have had a delay in the creation of ETFs (exchange traded funds) for Bitcoin. We will have an announcement for ETH Futures ETFs in about three to four weeks from now. Spot ETH ETFs are also being applied at this point, so it’s only a matter of time before they’re approved.
So yes, we can expect markets to make an eventual correction. But this [correction] is the last one, so if we go to $23,000 or $24,000 when we close below the 200-week EMA (exponential moving average), I think that’s the last correction you want to watch. Because given the fact that institutions are jumping into the markets, you have to realize that the markets are a must-buy opportunity in the long run.
Based on his analysis, Van de Poppe says that a major correction in Bitcoin price is possible. Still, he does not rule out bullish moves if BTC price manages to stay above the 200-week EMA. The analyst says that in such a situation, Bitcoin bulls will put pressure on the rise:
If we are to close above the 200-week EMA this weekend and next week, that is a trigger for us to continue moving higher from there. Currently, the 200-week EMA is hovering around $24,689.
Nicholas Merten is more pessimistic: He predicted a 60% decline
Another technical analyst, Nicholas Merten, warned that Bitcoin could fall due to a potential factor. In his current analysis, he said that if Apple’s market cap continues to fall, Bitcoin could drop more than 60% of its current value.
According to Merten, the decline in Apple’s market value will cause Bitcoin and other stocks to collapse with it. Apple reached a market value of $3 trillion in July. However, at the time of writing this article, it fell to 2.79 trillion dollars.
Merten, who made a connection between Apple and Bitcoin, expects a drop in BTC price up to $ 10,000. According to their analysis:
We can’t live in a fantasy world where if Apple goes from a $3 trillion company to a $1.5 trillion company, that won’t have some impact on Bitcoin. I have to tell you that this will have a bigger impact on Bitcoin than any halving event, any Bitcoin ETF, or any narrative you can think of.
I’m not saying it’s a guarantee if this scenario happens, but I think it’s a possible scenario. If that happens, you can easily see Bitcoin sinking to new lows of around $10,000 to $12,000…
What is the price of BTC?
Bitcoin price continued to move sideways to the $25,850 region on September 9. cryptocoin.comAs a result, we have included the latest on-chain data in this article before the upcoming Fed meeting.