Bitcoin Final Dance: Analyst Eyes Final Peak Ahead Of Halving

Michael Van De Poppe, a well-known cryptocurrency analyst, has pointed out that Bitcoin (BTC) may hit a new record price prior to the upcoming Halving event.

One Final All-Time High For Bitcoin Before Halving

Currently, Bitcoin’s price is showing fresh signs of bearing down, potentially causing market unease in the coming days. However, Michael Van De Poppe remains hopeful that Bitcoin will reach a new peak before the month-end Bitcoin Halving event.

The analyst believes that the digital asset is presently in a holding pattern, or consolidation phase. He has pinpointed two significant levels within the shorter time frames: $67,000 serves as a support level and $71,700 could be the mark for a final breakthrough leading to new highs.

Michael Van De Poppe predicted earlier that significant price movements in Bitcoin could start around Tuesday, while it’s consolidating. If Bitcoin manages to stay above the $67,000 mark, he expects another price peak before the coin’s next major event, the halving.

Bitcoin Final Dance: Analyst Eyes Final Peak Ahead Of Halving

Poppe is now certain that one out of the two important thresholds mentioned earlier will be breached, which will significantly influence Bitcoin’s future price movement. Consequently, he anticipates a peak price for Bitcoin before its upcoming halving event.

The post read:

Bitcoins price is currently stabilizing. Important marks (on smaller charts) are $67,000 as a floor for buying and $71,700 to reach the new all-time high. If either of these levels is breached, the trend will likely be determined. I believe we will experience one more significant price peak before the halving event takes place.

After a recent drop in prices, Poppe has issued a cautionary message to the crypto community regarding price fluctuations. “Avoid trying to buy in during large price increases,” he advised.

This individual suggests buying Bitcoin when its price drops between 15% and 40%, and for those contemplating altcoin investments, he recommends doing so only when altcoin prices have decreased by 25% to 60%.

Possible Triggers For The Correction

At this moment, Bitcoin is priced at $65,843, representing a drop of more than 5% in value compared to the previous day. The trading volume for Bitcoin has noticeably increased by 66% within the last 24 hours. However, its market capitalization has decreased by 5%.

After reaching a high of $73,000 in early March, the price of Bitcoin has decreased by approximately 10%. One possible explanation for this downturn is the significant investment into US Bitcoin Spot Exchange-Traded Funds (ETFs) which has since begun to ease.

According to information from Wu Blockchain, there was a total outflow of approximately $85.84 million in Bitcoin products on Monday. BlackRock’s IBIT ETF attracted about $165 million, while GBTC from Grayscale experienced a large single-day outflow amounting to $302 million. Currently, the total net inflow for Bitcoin spot ETFs amounts to around $12.04 billion.

Bitcoin Final Dance: Analyst Eyes Final Peak Ahead Of Halving

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2024-04-02 17:10