Bitcoin Price to Consolidate Before Halving, Says Analyst

Michael van de Poppe, a crypto swing trader, suggests that Bitcoin (BTC) will consolidate in the remaining months before the April halving event. He predicts that the price will range around $48,000, with a possibility of reaching $50,000. This is consistent with his previous forecast of a recovery from the current lows.

Van de Poppe predicts a potential dip before the rebound, which would create an accumulation zone between $36,000 and $40,000. He currently places Bitcoin in his pre-halving prediction at $43,016.98, but warns of a further correction to $36,000-$38,000.

My general theory is that #Bitcoin is consolidating in the coming months.Pre-Halving a final run towards resistance at $48-50K, after that another correction to $36-38K and from there #Altcoins to continue outperforming Bitcoin.

— Michaël van de Poppe (@CryptoMichNL) February 3, 2024

According to the co-founder of Placeholder Chris Burniske, the market consolidation is a slight market drop, which will be influenced by the market dynamics, macroeconomics, adoption rates, and new product developments.

Interestingly, Van de Poppe argues that altcoins such as Solana, Cardano, and Ethereum may perform even better than Bitcoin during this correction. This means that these altcoins will grow at a much faster rate than BTC.

The recent bullish momentum of Dogecoin is in line with Van de Poppe’s projections. He is still optimistic about Bitcoin’s long-term potential and predicts a price as high as $300,000. Some people, including Samson Mow, forecast a post-halving value of $170,000 to $1 million.

However, as the spot Bitcoin ETFs are introduced and the halving event is around the corner, the market is still volatile. Although Bitcoin’s price could move sideways, there is still hope for the traders to see an upcoming bull cycle.

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2024-02-04 06:44