As the crypto market braces for the upcoming Bitcoin (BTC) halving in April 2024, the discussion surrounding Bitcoin’s price trajectory has continued to gain momentum. Particularly, Michaël van de Poppe, a well-regarded figure in the crypto analysis domain, has his latest analysis on Bitcoin.
Next Stop $80,000?
In a post shared on X, Van de Poppe suggests that Bitcoin is on the cusp of a notable rise, eyeing a target range between $75,000 to $80,000 in the lead-up to the halving event. This prediction is based on the current consolidation phase of Bitcoin, indicating a buildup toward testing its all-time high with the potential for a subsequent correction.consolidating. I think that we’re close to the peak of this run, but I think we’ll have another ATH test, perhaps even $75-80K pre-halving and then we’re correcting. During that consolidation / correction phase, I expect altcoins to outperform. — Michaël van de Poppe (@CryptoMichNL)
Notably, Bitcoin halving plays a crucial role in this scenario, serving as a pivotal event that historically influences Bitcoin’s market dynamics.
The halving, scheduled to occur in April 2024, will see the reward for mining new blocks halved, thereby reducing the rate at which new BTC are created and entering the market. This event, occurring approximately every four years, is anticipated to create scarcity, pushing the demand and possibly the price higher than past patterns have suggested.Bullish On Bitcoin
In addition to Van de Poppe’s predictions, other analysts have shared their optimistic outlooks regarding Bitcoin’s potential price movement. Jelle, another esteemed crypto analyst, posits that Bitcoin is poised for a significant leap, potentially breaching the $100,000 mark sooner than expected.
This bullish sentiment is also echoed by Doctor Profit, who highlights the importance of understanding Bitcoin’s current market behavior, including its recent sideways movement. He identifies this movement as an accumulation phase poised to catalyze a surge past the $80,000 mark, aiming for $100,000.– What’s Next? The big Sunday report, all you need to know: 🚩 TA/LCA/Psychological Analysis: In last week’s Sunday report, we discussed an anticipated sideways movement in the larger timeframe. As observed, Bitcoin is perfectly moving in this sideways region as… — Doctor Profit 🇨🇭 (@DrProfitCrypto)
The significance of accumulation in this context cannot be overstated. As recently reported by NewsBTC, there is an increase in the number of addresses holding at least 1,000 BTC, suggesting that institutions and large-scale investors are gearing up for what may come post-halving.
However, despite this accumulation, Bitcoin over the past 24 hours has declined by nearly 2%, with a current market price below $70,000.