Will Bitcoin Hit Turbulence? 40% Correction Eyed Before Reaching $150,000, Analyst Warns

The recent surge in Bitcoin (BTC) prices, pushing past the $52,000 mark, has ignited a wave of optimism within the cryptocurrency community. Visions of a six-figure future dance in investors’ heads, with some analysts even proposing a $150,000 target.

However, a prominent voice has emerged casting a shadow of caution: Michaël van de Poppe, a renowned cryptocurrency analyst, predicts a potential 40% price correction before Bitcoin embarks on its ascent to glory.

Sentiment Overload: A Recipe For Correction?

Poppe’s prediction hinges on the notion of market sentiment overshooting reality. He argues that emotions often drive prices to unsustainable highs, creating ripe conditions for a pullback. “Sentiment is always a wrong indicator,” he emphasizes, highlighting the tendency for overly optimistic projections to fuel price bubbles.

He points to the recent rally and subsequent dip as a prime example, reminding investors that “emotions always exceed reality and sentiment overshoots the price action by a mile.”

#Bitcoin rallies to $50,000 and higher, are we going to see $100,000 in the next few months?

The ultimate question is what the price of Bitcoin is going to do in the upcoming period.

The inflow has netted more than $2 billion in a week.

What can we expect with Bitcoin? …

— Michaël van de Poppe (@CryptoMichNL) February 16, 2024

Featured image from Adobe Stock, chart from TradingView