Bitcoin Price Update

The price of Bitcoin (BTC) faced a rejection around the $69,000 level, subsequently dipping toward the $66,000 range. While some may view this as a bearish move and create fear, uncertainty, and doubt (FUD) in the market, many believe it represents a healthy price correction. Optimism remains, with numerous traders anticipating a new all-time high (ATH) for Bitcoin.

Analyst Insights

Prominent analyst Michaël van de Poppe is notably bullish on Bitcoin. Earlier today, he made a bold price prediction, adding positivity to the community. He acknowledged the recent dip but asserts that the price correction is complete, citing the beginning of the macroeconomic season with PMI data as backing for his outlook.

The S&P Global PMI is a key economic indicator that impacts markets, covering over 30 developed and developing economies globally. Van de Poppe predicts that Bitcoin will retest its ATH within the next two to four weeks.

Broader Crypto Rally

In a previous tweet, van de Poppe noted the recent price dip, mentioning that Bitcoin dropped to the $65,000 area before quickly rebounding. He reiterated that this minor correction is nearing its end, encouraging the community to look forward to falling yields and the potential for cryptocurrency growth.

As of now, Bitcoin is trading at $66,857, reflecting a slight 0.56% increase in the last 24 hours. Having recovered from near the $65,000 range, there seems to be broader recovery prospects for BTC, especially given today’s 16.34% rise in trading volume. Analysts continue to predict a new all-time high in the near future.

This article was originally published on U.Today