As the cryptocurrency market prepares for the upcoming bitcoin (btc) halving in April 2024, the discussion about bitcoin's price trajectory has continued to gain momentum. Particularly, Michaël van de Poppe, a renowned figure in the field of cryptographic analysis, has shared his latest analysis on bitcoin.
Next stop $80,000?
In a post shared on
This prediction is based on bitcoin's current consolidation phase, indicating a readiness to test its all-time high with potential for a subsequent correction.
bitcoin?src=hash&ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>#bitcoin consolidating.
I think we are near the peak of this streak, but I think we will have another test of ATH, maybe even $75-80K before the halving and then we will be correcting.
During that consolidation/correction phase, I expect altcoins to outperform. pic.twitter.com/bnQjYuIzrr
—Michaël van de Poppe (@CryptoMichNL) March 27, 2024
In particular, the bitcoin halving plays a crucial role in this scenario as it acts as a fundamental event that historically influences the dynamics of the bitcoin market.
The halving, scheduled for April 2024, will cut the reward for mining new blocks in half, thereby reducing the speed at which new btc are created and enter the market.
This event, which occurs approximately every four years, is expected to create shortages, driving demand and possibly the price higher than previous patterns have suggested.
Bullish on bitcoin
In addition to Van de Poppe's predictions, other analysts have shared their optimistic outlook on bitcoin's possible price movement. Jelle, another esteemed crypto analyst, posits that bitcoin is poised to make a significant jump, potentially surpassing the $100,000 mark sooner than expected.
This bullish sentiment is also echoed by Doctor Profit, who highlights the importance of understanding the current behavior of the bitcoin market, including its recent sideways movement. He identifies this move as an accumulation phase poised to catalyze a rise beyond the $80,000 mark, with the goal of reaching $100,000.
bitcoin?src=hash&ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>#bitcoin – Whats Next?
Sunday's big report, everything you need to know:
TA/LCA/Psychological Analysis: In last week's Sunday report, we discussed an anticipated sideways move over a broader time frame. As observed, bitcoin is moving perfectly in this sideways region as… pic.twitter.com/BhE5Weycxv
– Doctor Profit (@DrProfitCrypto) March 24, 2024
The importance of accumulation in this context cannot be underestimated. As NewsBTC recently reported, there is an increase in the number of addresses holding at least 1,000 btc, suggesting that institutions and large-scale investors are preparing for what may come after the halving.
However, despite this accumulation, bitcoin in the last 24 hours is down almost 2%, with the current market price below $70,000.
Featured image from Unsplash, chart from Tradingview
Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC's views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.
