Crypto Analyst Warns Bitcoin May Plummet to $48,000 if Key Support Level Fails

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    <p>A prominent cryptocurrency analyst has put forward a scenario where Bitcoin (<a target="_blank" href="https://dailyhodl.com/currencies/bitcoin/" rel="noopener">BTC</a>) might slump below the $50,000 mark.</p>
    <p>During a recent market analysis, the digital asset strategist Michaël van de Poppe shared with his 723,000 followers on a social network referred to here as X that Bitcoin may plummet to $48,000 if it breaches its current support, especially if there's an adverse Consumer Price Index (CPI) revelation.</p>

    <p>Nonetheless, van de Poppe also suggests that a contrary outcome could propel BTC to new heights if it surmounts its current resistance levels.</p>
    <p><em>"Bitcoin's directional choice is the current mystery. Specifically, if it surpasses $56,000, it confronts the $60,000-$61,000 barrier. Breaking through that could pave the way to reaching new peaks, where traders might buy on dips.</em></p>
    <p><em>Conversely, an unfavorable CPI outcome could thrust Bitcoin down from $56,000 towards $48,000,"</em> he analyzed.</p>
    <figure id="attachment_190710" aria-describedby="caption-attachment-190710" style="width: 1063px" class="wp-caption aligncenter"><img decoding="async" src="https://pbs.twimg.com/media/GU3n38SX0AA057B?format=png&name=large" alt="GU3n38SX0AA057B" width="1063" height="499"/><figcaption id="caption-attachment-190710" class="wp-caption-text">Source: Michaël van de Poppe/X</figcaption></figure>

    <p>The CPI indexes consumer goods and services inflation, tracking average price changes over time that consumers pay, excluding volatility-prone elements like food and gasoline. According to the most recent <a target="_blank" href="https://www.bls.gov/news.release/cpi.nr0.htm" rel="noopener">report</a>, there was a 0.2% increase in July following a 0.1% decrease in June.</p>
    <p>Van de Poppe continued to <a target="_blank" href="https://x.com/CryptoMichNL/status/1823373951721939083" rel="noopener">state</a> that BTC's price movements on the CPI publication day are critical to its future trajectory.</p>
    <p><em>"This day is substantial, as it's CPI publication day. Bitcoin's current steadiness could today dictate the trend. Breaching the $61,000 marks could set the stage for new record highs."</em></p>
    <p>At the moment, Bitcoin is valued at $59,475, having seen a drop of approximately 3% in the past day.</p>
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    <p><span style="font-size: 10pt;"><em>Featured Image: Shutterstock/Warm_Tail</em></span></p>
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