{"id":16798,"date":"2024-09-09T12:16:04","date_gmt":"2024-09-09T09:16:04","guid":{"rendered":"https:\/\/forklog.com\/en\/analyst-predicts-final-corrections-before-bitcoin-bull-run\/"},"modified":"2024-09-09T12:16:04","modified_gmt":"2024-09-09T09:16:04","slug":"analyst-predicts-final-corrections-before-bitcoin-bull-run","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/analyst-predicts-final-corrections-before-bitcoin-bull-run\/","title":{"rendered":"Analyst Predicts Final Corrections Before Bitcoin Bull Run"},"content":{"rendered":"<div class=\"wp-block-text-wrappers-keypoints article_keypoints\">\n<ul class=\"wp-block-list\">\n<li>Bitcoin is poised for &#8220;final corrections&#8221; before the onset of a two-year bullish cycle, reminiscent of 2019, according to experts.<\/li>\n<li>The CPI report will be crucial for the market&#8217;s trajectory.<\/li>\n<\/ul>\n<\/div>\n<p>During the current rebound, Bitcoin is expected to reach $55,500 before returning to $53,000, which will serve as a launchpad for upward movement, stated analyst and MN Trading founder Micha\u00ebl van de Poppe.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Liquidity was taken &#038; <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> is back up to $54.8K.<\/p>\n<p>Expect a max of $55.5K on this run and then we could be revisiting $53K before clearly breaking back upwards.<\/p>\n<p>Final corrections &#038; then 2 years bull. <a href=\"https:\/\/t.co\/wjtAv96VaX\">https:\/\/t.co\/wjtAv96VaX<\/a><\/p>\n<p>\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) <a href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1832447855556280670?ref_src=twsrc%5Etfw\">September 7, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;[We are facing] final corrections and two years of bullish growth,&#8221;<\/em> he wrote.<\/p>\n<\/blockquote>\n<p>The expert acknowledged the impact of macroeconomic conditions on the dynamics of the leading cryptocurrency and predicted a turning point.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Don&#8217;t be mistaken.<\/p>\n<p>The equity markets are running up on weakness.<\/p>\n<p>The equity markets are fragile in terms of liquidity, and people are very eager to put their money away towards these assets due to fear of inflation.<\/p>\n<p>That&#8217;s going to reverse really soon.<\/p>\n<p>\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) <a href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1832750737065202062?ref_src=twsrc%5Etfw\">September 8, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;Equity markets are fragile in terms of liquidity. Investors are eager to put their money into these assets due to fear of inflation. Very soon, everything will change,&#8221;<\/em> he warned.<\/p>\n<\/blockquote>\n<p>Van de Poppe<a href=\"https:\/\/x.com\/CryptoMichNL\/status\/1832784788278624552\"> noted<\/a> the nearing end of the &#8220;final run&#8221; in the stock market and drew parallels with 2019 when Bitcoin found support at $6,000. For the current situation, he identified $45,000-50,000 as a similar benchmark.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;Considering the upcoming rate cuts by the <span data-descr=\"Federal Reserve System of the USA\" class=\"old_tooltip\">Fed<\/span>, economic weakening, and increased global liquidity in China, it seems almost inevitable that we are on the brink of the largest bull cycle in history,&#8221;<\/em> he added.<\/p>\n<\/blockquote>\n<p>Cubic Analytics founder Caleb Franzen also highlighted the importance of resistance at $55,500. In his view, breaking this level would support the upward trend of the leading cryptocurrency.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">If price can stay above $54.5k, I&#8217;m looking for a break above this green zone to see if <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> can regain some upward momentum. <a href=\"https:\/\/t.co\/70MsDWLIuk\">pic.twitter.com\/70MsDWLIuk<\/a><\/p>\n<p>\u2014 Caleb Franzen (@CalebFranzen) <a href=\"https:\/\/twitter.com\/CalebFranzen\/status\/1832955488373440616?ref_src=twsrc%5Etfw\">September 9, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>At the time of writing, Bitcoin has surpassed the psychological level of $55,000 and is trading at $55,200.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/1-1195.webp\" alt=\"1-1195\" class=\"wp-image-240680\"\/><figcaption class=\"wp-element-caption\">15-minute BTC\/USDT chart from Binance. Data: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSDT\/\" target=\"_blank\" rel=\"noreferrer noopener\">TradingView<\/a>. <\/figcaption><\/figure>\n<h2 class=\"wp-block-heading\"><strong>Parallels with 2019 and Hashrate<\/strong><\/h2>\n<p>Julien Bittel, head of macroeconomic research at Global Macro Investor, noted the similarity of the current situation to 2019.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">This year\u2019s Bitcoin price structure is starting to look eerily similar to 2019\u2026<\/p>\n<p>Take a close look at the chart \u2013 it\u2019s almost a perfect fractal of what we saw back then.<\/p>\n<p>Bitcoin has been stuck in a consolidation phase, and interestingly, just like in 2019, this consolidation\u2026 <a href=\"https:\/\/t.co\/8p6tDTIBoL\">pic.twitter.com\/8p6tDTIBoL<\/a><\/p>\n<p>\u2014 Julien Bittel, CFA (@BittelJulien) <a href=\"https:\/\/twitter.com\/BittelJulien\/status\/1832372360562798710?ref_src=twsrc%5Etfw\">September 7, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;Take a close look at the chart \u2014 almost a perfect fractal of what we saw back then. [\u2026] Bitcoin has been stuck in a consolidation phase [\u2026], just like in 2019, it has lasted exactly 175 days (so far). We are now approaching that critical moment when strong movements may occur,&#8221;<\/em> the specialist wrote.<\/p>\n<\/blockquote>\n<p>Presto Research pointed out that when analyzing the prospects of the leading cryptocurrency, network security should be considered alongside macroeconomic factors. They noted that the hashrate has reached a historic high, making Bitcoin &#8220;grossly undervalued,&#8221; according to <a href=\"https:\/\/www.coindesk.com\/markets\/2024\/09\/09\/bitcoin-grossly-undervalued-at-current-prices-traders-say-ahead-of-cpi-trump-harris-debate-week\/\">CoinDesk<\/a>.<\/p>\n<p>Lucy Hu from Metalpha predicted in a conversation with the publication that the asset&#8217;s high volatility will persist until the Federal Reserve meeting on September 18.<\/p>\n<p>On September 11, debates between two candidates for the US presidency will take place, and a report on consumer price dynamics will be released. The next day, the Labor Department will present data on the <span data-descr=\"Producer Price Index\" class=\"old_tooltip\">PPI<\/span>.<\/p>\n<h2 class=\"wp-block-heading\"><strong>ETF Dynamics<\/strong><\/h2>\n<p>Outflows from spot Bitcoin ETFs from September 2 to 6 amounted to $706.2 million, compared to $277.1 million the previous week. On a daily basis, the negative trend continued for the eighth consecutive session, according to <a href=\"https:\/\/sosovalue.xyz\/assets\/etf\/us-btc-spot\">SoSoValue<\/a>.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/2-886.webp\" alt=\"2-886\" class=\"wp-image-240681\"\/><figcaption class=\"wp-element-caption\">Data: SoSoValue.<\/figcaption><\/figure>\n<p>The volume of assets under management fell to $48.24 billion, the lowest since May 1. Cumulative inflows <a href=\"https:\/\/u1f987.com\/en\/news\/sec-approves-all-11-spot-bitcoin-etf-applications\">since the approval<\/a> of BTC-ETFs in January have decreased to $16.9 billion.<\/p>\n<p>A similar pattern was observed in Ethereum-ETFs. From September 2 to 6, investors withdrew $91 million from the products. The negative trend continued for the fourth consecutive week.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/3-502.webp\" alt=\"3-502\" class=\"wp-image-240682\"\/><figcaption class=\"wp-element-caption\">Data: SoSoValue.<\/figcaption><\/figure>\n<p><span data-descr=\"assets under management\" class=\"old_tooltip\">AUM<\/span> fell to $6.1 billion. The figure plummeted by 41% from <a href=\"https:\/\/u1f987.com\/en\/news\/ethereum-spot-etfs-debut-with-1-billion-trading-volume\">the first day of trading<\/a> instruments ($10.24 billion).<\/p>\n<p>Former BitMEX CEO Arthur Hayes reported closing a short on the leading cryptocurrency with a 3% profit. The expert did not rule out that Bitcoin might show growth this week.<\/p>\n<p>Meanwhile, JAN3 CEO Samson Mow explained that prevailing bearish forecasts of the digital gold&#8217;s price dropping to $40,000 have no basis other than spontaneous fear.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin is poised for &#8220;final corrections&#8221; before the onset of a two-year bullish cycle, reminiscent of 2019, according to experts. The CPI report will be crucial for the market&#8217;s trajectory. During the current rebound, Bitcoin is expected to reach $55,500 before returning to $53,000, which will serve as a launchpad for upward movement, stated analyst [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":16797,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1146,569,1145,1150],"class_list":["post-16798","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-market-forecasts","tag-etf","tag-market-analysis","tag-news-plus"],"aioseo_notices":[],"amp_enabled":true,"views":"10","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/16798","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=16798"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/16798\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/16797"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=16798"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=16798"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=16798"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}