Bitcoin (BTC) Price Prediction: Will the Market Plunge Further?

In the last 7 days, Bitcoin has dropped by at least 5.8%. At the beginning of the month, it was nearly $58,964.54, but now it stands at a low of $56,124.

Bitcoin has seen a rough start to the new month, dropping at least 5.8% in the last 7 days of the month. While it began the month at a high of nearly $58,964.54, it now trades as low as $56,124. Many investors are left wondering if the world’s leading digital asset will continue plunging further. According to a recent Bitcoin price prediction from a cryptocurrency expert, there is a possibility of a further decline. However, the expert also suggests that a market reversal could be on the horizon, offering hope to investors. Let’s dive in!

Bitcoin’s Recent Fall

Bitcoin has recently suffered a sharp decline. In a post shared on March 23, renowned cryptocurrency analyst Michaël van de Poppe stated that Bitcoin recently took out liquidity below a key support level. In the same post, he shared his prediction that the market would drop further.

“#Bitcoin continues to fall and we were assuming it would.

Took the liquidity beneath the recent low and doesn't continue to fall, although I think we will.

Perhaps we'll take the liquidity at $54.3K and reverse upwards, target then is $57.3K.”

Key Bitcoin Reversal Point To Watch

The analyst suggested that the present downward momentum would push the Bitcoin market to a level of $54.3k. Van de Poppe highlighted the level as a key reversal point to keep an eye on.

“We're now looking at the recent low, which is acting as resistance at $56.1k and the levels beneath it at $55.3k and $54.3k.

If we'll drop towards $54.3K and find support there, then we'll be reversing.”

Bitcoin Upward Target

The analyst also predicted that if the market experiences a reversal at the said level, it could be driven to a high of $57.3K by that momentum.

“In that case, we can assume that we'll be heading towards the next higher liquidity, which is present around $57.3k.”

In conclusion, while Bitcoin continues to struggle, a reversal may be on the horizon. It is important for Bitcoin investors to closely watch the predicted reversal point of $54.3K.

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