Michael van de Poppe predicts bitcoin will fall to $ 48,000

The flagship cryptocurrency bitcoin may fall to $ 48,000 if the current level of support fails. This prediction was made by renowned crypto analyst Michael van de Poppe.

The popular crypto analyst proposes a scenario in which BTC could fall below $ 50,000 again. In a new strategy session, crypto trader Michael van de Poppe told his 723,000 followers on social network X that the cryptocurrency could fall to $ 48,000 if its current support level collapses due to a negative consumer price index.

However, he also noted that BTC could go the other way and reach new all-time highs if it breaks above the resistance level: «The question for bitcoin is which way it will go. First of all, above $ 56,000, the first resistance is $ 60,000-$ 61,000. If it is broken through, we will be near the ATH (all-time high), and you can buy on the drop if you are a trader. On the other hand, a break of $ 56,000 will lead to a drop to $ 48,000.»

The Consumer Price Index measures inflation in goods and services based on the average change in prices paid by consumers, excluding food and gasoline. The latest report showed that the token rose 0.2% in July after falling 0.1% in June. Yesterday, August 14, the US Department of Labor released data on the consumer price index for July — 2.9%. Inflation slowed down, and bitcoin reacted with a sharp jump in value to $ 61,000.

The trader emphasized that yesterday’s price dynamics of BTC could determine its future trend. However, at the time of writing, bitcoin is trading at $ 58,297, which is about 4% lower over the past 24 hours.