Bitcoin Slides Below $30k: Analyst Maps Entry Levels For BTC Price

The post Bitcoin Slides Below $30k: Analyst Maps Entry Levels For BTC Price appeared first on Coinpedia Fintech News

Bitcoin (BTC) continues to outperform major global assets, with a YTD gain of around 79%. Although its price dropped by approximately 2% in the past 24 hours, Bitcoin’s market capitalization is higher than Visa Inc’s and Mastercard’s, indicating the growing popularity of digital assets over traditional payment methods.

Here’s When To Enter!

According to crypto trader Michael van de Poppe, the BTC price may enter a region of buying opportunities at $28,600. However, he does not expect new highs for now. Instead, he eyes $32,000 as the next price target if the bulls hold. Poppe previously predicted that Bitcoin’s price could reach $40,000 and $50,000 before the end of H1 2023.

Crypto Market Forecast: Extended Correction and Impending Capitulation

Crypto trader Rekt Capital advised his Twitter followers to focus on the bigger picture of the recent macro breakout, which invalidated last year’s bear market. 

Long traders should take note of a possible extended correction in the near term, as market economists predict a mild recession in H2 2023. This is also because of the weekly death cross between the 50 and 200 MAs. 

Related: Billionaire Ray Dalio Says Bitcoin Is a ‘Very Poor Alternative to Gold’ – Coinpedia Fintech News

Furthermore, the ongoing regulatory scrutiny, particularly in the US, has limited many investors’ entry into the crypto market. Comparing recent macro breakdowns with prior ones, an imminent capitulation is expected before next year’s halving event.