Bitcoin Next Stop $80,000? Crypto Analyst Sees BTC Soaring Ahead Of 2024 Halving
As the crypto market braces for the upcoming Bitcoin (BTC) halving in April 2024, the discussion surrounding Bitcoins price trajectory has continued to gain momentum. Particularly, Michaël van de Poppe, a well-regarded figure in the crypto analysis domain, has shared 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.
#Bitcoin consolidating.
I think that were close to the peak of this run, but I think well have another ATH test, perhaps even $75-80K pre-halving and then were correcting.
During that consolidation / correction phase, I expect altcoins to outperform. pic.twitter.com/bnQjYuIzrr
Michaël van de Poppe (@CryptoMichNL) March 27, 2024
Notably, Bitcoin halving plays a crucial role in this scenario, serving as a pivotal event that historically influences Bitcoins 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 Poppes predictions, other analysts have shared their optimistic outlooks regarding Bitcoins 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 Bitcoins 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.
#Bitcoin Whats Next?
The big Sunday report, all you need to know:
TA/LCA/Psychological Analysis: In last weeks Sunday report, we discussed an anticipated sideways movement in the larger timeframe. As observed, Bitcoin is perfectly moving in this sideways region as pic.twitter.com/BhE5Weycxv
Doctor Profit (@DrProfitCrypto) March 24, 2024
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.
Featured image from Unsplash, Chart from Tradingview
Text source: NewsBTC
