Top Expert Rules Out Bitcoin Downturn, Sets Sights on Lofty New Price Benchmark

The leading cryptocurrency, Bitcoin ($BTC), fell to levels around $79,800 yesterday following the release of better-than-expected US Consumer Price Index (CPI) data. However, buying pressure quickly increased, and it regained the $80,000 level. This indicates that it is maintaining and consolidating its position above $80,000.

Although this situation created a brief period of panic, analysts say that the positive sentiment for $BTC continues. Popular analyst Michaël van de Poppe was the first to comment on this issue. Poppe stated that there is no clear reason for $BTC to fall and that the next target is $85,000.

According to Poppe, there is no clear reason for Bitcoin to suddenly drop, and the current trend could push it towards the next resistance zone between $85,000 and $88,000. According to the analyst, bear market proponents argue that $BTC is in a bearish flag formation and will fall to $50,000 later in the year, but these predictions have no validity.

The analyst acknowledged that this view does not mean $BTC will never fall, and that the $BTC price could retest the $70,000 to $75,000 range. However, he argues that the current trend suggests it could target higher levels.

Finally, the analyst stated that Bitcoin is trading above its 21-day moving average (MA), has successfully broken through key resistance levels, turned them into support, and is experiencing sustained buying pressure in a strong Nasdaq environment.

In addition to Poppe, expert analyst Alex Kuptsikevich, Chief Market Analyst at FxPro, also evaluated Bitcoin. Kuptsikevich stated that the short-term upward momentum in Bitcoin has slowed somewhat, but the recent correction is not a trend reversal. “Bitcoin lost upward momentum near the 200-day moving average ($82,500). However, the recent correction is closer to a moment of respite following an uptrend rather than a sharp drop.”

*This is not investment advice.