Analyst lays out conditions for Bitcoin price correction

Trader and analyst Michaël van de Poppe warned that Bitcoin could fall to $25,000 if the asset cannot hold above $27,000.

#Bitcoin went to $28,300, but seems a bit exhausted.

Didn´t hold above $27,700, which is now crucial if we´d like to see $30K this week.

Rejecting there and we’ll be seeing a deeper correction to $25K, most likely. pic.twitter.com/fm9fpwHed1

— Michaël van de Poppe (@CryptoMichNL) March 20, 2023

«Bitcoin rose to $28 300, but seems a bit tired», the analyst noted.

The aforementioned level was tested on March 19 amid a statement by the ФРС about coordinating with other major central banks to expand dollar liquidity provision.

As of writing, the asset was trading above $27,600. The daily rise stood at 2.9%, according to CoinGecko.

The trader described the $27,700 level as decisive if we are to see $30,000 this week.

«A rejection there will likely lead to a deeper correction to $25 000», the trader wrote.

In early March, van de Poppe noted the importance of the next few weeks for Bitcoin and allowed for a drop below $20,000.

Earlier in the month, Messari founder and CEO Ryan Selkis predicted Bitcoin would rise to $100,000 within 12 months.

In the same month, Galaxy Digital founder and CEO Mike Novogratz stated that now is the best time to buy digital gold as a hedge against economic headwinds.