As bitcoin's long-awaited April halving event approaches, cryptocurrency analysts are engaging in lively discussions about the potential price trajectory of the leading cryptocurrency.
Offering his insights, Michaël van de Poppe, Founder and CEO of MN Trading, shared his predictions and outlined a period of consolidation before potential growth, with particular emphasis on the expected outperformance of certain altcoins.
Long-Term Bullish Outlook Amid Short-Term Consolidation
Van de Poppe foresees a consolidation phase for bitcoin in the coming months, with a suggested price range lying between $48,000 and $50,000 ahead of the halving event.
My general theory is that bitcoin?src=hash&ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>#bitcoin It is being consolidated in the coming months.
Before halving a final run towards the resistance of $48,000-50,000, after that another correction to $36,000-38,000 and from there #Altcoins to continue outperforming bitcoin. pic.twitter.com/sYiqpg3T93
—Michaël van de Poppe (@CryptoMichNL) February 3, 2024
However, he cautiously warns about the possibility of a new correction, which could bring the price down to a range of $36,000 to $38,000 before seeing a rebound. This aligns with his previous statements expressing strong interest in accumulating more bitcoin within this specified range.
Despite these short-term consolidation predictions, Van de Poppe maintains a bullish stance on bitcoin's long-term prospects. He boldly projects a potential future price of $300,000, echoing the prevailing optimistic sentiment in the cryptocurrency market.
This optimistic outlook is not unique to Van de Poppe, as other analysts also express similar enthusiasm, with price predictions ranging from $170,000 to a staggering $1 million post-halving.
bitcoin slightly below the $43K level today. Chart: TradingView.com
In an intriguing twist, Van de Poppe suggests that as bitcoin undergoes this period of consolidation, certain altcoins, namely Solana (SOL), Cardano (ADA), and ethereum (eth), can potentially “eclipse” bitcoin.
This implies an anticipation of its growth rates surpassing that of bitcoin. Notably, Dogecoin (DOGE) has already shown bullish momentum, seemingly validating these projections.
bitcoin price at a glance
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