Bitcoin Unlikely to See a ‘Deep’ Correction, Analyst Says Citing Key Levels

Bitcoin price has slipped from around the $80,500 level to around $79,000 at the time of writing, sparking discussions among traders. While many are speculating if the BTC rally is coming to an end, others have argued that the current consolidation around the $80k level hints at a healthy trading cycle.

Amid this, an analyst has shrugged off concerns of a likely correction in the coming days, while revealing key levels to watch ahead for the crypto. Besides, investors are also keeping close track of the macroeconomic updates this week that may further impact the Bitcoin price ahead.

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Analyst Remains Bullish on Bitcoin Price

BTC price has traded near the flatline at $79,033 at the time of writing, falling from its 24-hour high of $80,530. Notably, the crypto has touched a local high of $82,262 last week, before retreating again after the stronger-than-anticipated US job data dampened market sentiment.

On the flip side, the robust US Spot Bitcoin ETF inflow has supported the recent rally, indicating soaring institutional confidence in its price. However, despite the latest consolidation phase, analyst Michael van de Poppe has remained bullish on the long-term trajectory of BTC price.

For context, in a recent X post, the analyst said that he is not expecting any “deep” correction in the asset’s price. Besides, he has lauded the recent consolidation, saying that if BTC drops below $74,000, it would offer a buying opportunity for traders.

Having said that, it appears that Bitcoin price may continue to fall from its current level, providing a buy-the-dip opportunity for traders. Besides, van de Poppe noted that if BTC can successfully breach the $82,850 resistance, it could continue its run towards the north.

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What’s Next for BTC Price?

According to Michael van de Poppe, the $82,850 resistance is a crucial level that could decide the upcoming move of Bitcoin price. On the other hand, his chart suggests that a fall below $75,545 or $73,674 support might trigger a fall to $71k or about $70k next.

Meanwhile, apart from the technical levels, investors are also keeping close track of the upcoming macro events for cues on economic health. With the Fed previously hinting at a hawkish path ahead to curb inflation, market watchers are now awaiting the upcoming US CPI and PPI data this week.

If inflation comes in hotter-than-expected, just like the US Job data, it could force the US Fed to move with a 25 bps rate hike plan. If that happens, it could significantly impact risk-on assets like Bitcoin price, among others.

Notably, the prediction markets data showed that the Fed September Rate Hike odds now sit at 50%. So, it also suggests that the current consolidation could be because investors are treading cautiously ahead of the major macro events scheduled for this week.

Meanwhile, to monitor real-time economic sentiment, many macro analysts closely watch the best crypto prediction markets for decentralized, crowd-sourced probability assessments.