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.
