Crypto Analysts Warn Of Potential BTC Drop To $27,000 Amid Early Bull Market

Key Points:

• Top analysts shared insights on BTC, predicting a $27,600 support level, a possible breakout to $30,000 if highs are tested.
• US Federal Reserve Chair Jerome Powell’s pivot could trouble the markets; holding onto Bitcoin longs is a good plan.
• Some warn of a possible drop to $27K, while Plan B identifies early BTC bull market stage 1 with four color-coded stages.

Bitcoin expert Michael van de Poppe predicts $27,600 support level, with possible $30,000 breakout. Rekt Capital warns of possible $27K drop, and Plan B outlines stages of bull market. BTC consolidates while altcoins break out.

In recent updates, renowned crypto analyst Michaël van de Poppe shared his insights on the current state of Bitcoin. He stated that the support level at $27,600 is still holding strong, and Bitcoin’s price has bounced back to $28,000+. With the upcoming unemployment data, Van de Poppe also predicts that the price will continue to rise towards $28,600. If the highs are tested again, there could be a breakout toward $30,000 for Bitcoin.

The current upward trend in Bitcoin’s price is expected to remain intact as long as the US Federal Reserve Chair Jerome Powell doesn’t pivot. Van de Poppe pointed out that the lasting period of fixed interest rates could continue for 3-9 months. However, once the pivot starts, the markets could be in trouble.

Van de Poppe suggested that staying onto longs with Bitcoin is a wise decision. Despite the fact that Bitcoin remains in a boring state of consolidation, the analyst observed that some old altcoins are breaking out.

According to Rekt Capital, the recent BTC rejection from double top resistance means that Bitcoin could still drop from here to complete the second part of the formation. Generally, double tops resemble an “M” shape, and the second part of the pattern could form with a drop to around $27,000 (blue).

Lastly, Plan B, a well-known analyst in the crypto community, reported that this is a very early BTC bull market. Plan B suggested that the color scheme of his analysis better aligns with green and red candles in Bitcoin’s bull and bear markets. Stage 1 (blue) is an early bull market, stage 2 (green) is a late bull market, stage 3 (yellow) is an early bear market, and Stage 4 (red) is a late bear market. Currently, we are in stage 1, early bull market.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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