21 April, 2024

Crypto Analyst Analyzes Bitcoin’s Path Before Halving Event

03 Apr, 2024

03 Apr, 2024

  • Michael van de Poppe sees a potential Bitcoin buy zone between $56,000-$60,000 during summer’s expected dip.
  • Despite market fears, technicals suggest Bitcoin’s bullish trend persists with crucial support at the Tenkan and Kijun lines.
  • Despite a recent dip below $70k, Bitcoin exhibits bullish momentum with a 1.27% daily increase, signaling resilience amid a 20% drop in trading volume.

Crypto analyst Michael van de Poppe shared his forecast on Bitcoin’s price trends, emphasizing the ongoing consolidation phase and its potential peak before the anticipated halving event. He posited a cautious outlook, suggesting that reaching a new all-time high (ATH) before this event is unlikely.

In his analysis, Michael van de Poppe pointed out that despite the current market conditions, a price dip during the summer could present a buying opportunity, particularly if Bitcoin’s price falls within the $56,000 to $60,000 range. This perspective underscores a time he considers suitable for altcoins.

Michael Van de Poppe’s recent chart review indicates that after a significant rise, Bitcoin has encountered resistance, stabilizing around $67,789. According to this analysis, should the market experience a downturn, it’s crucial to watch for support zones, especially those between $55,000 to $50,000 and near $45,554.

In addition, Bitcoin maintains a bullish stance in its weekly chart analysis, as noted by cryptocurrency expert Titan of Crypto. Despite the prevailing pessimistic sentiment across cryptocurrency exchanges, the technical indicators reveal a different story. Bitcoin is currently undergoing a retest of the $65,400 level on a weekly basis, which is normal market behavior and not a cause for concern.

Should Bitcoin’s value drop below this threshold, it’s important to note that there are still robust support levels in place. These include the Tenkan (represented in red) and the Kijun (in blue) lines, which act as critical safety nets for the cryptocurrency’s value.

Looking at Bitcoin’s current market performance, the leading asset is trading on a bullish trend despite the recent market dip, which pushed the price below the $70k key level. As of press time, BTC is exchanging hands at $66,500, up by 1.27% in the past 24 hours. In the past week, BTC has been down by 4%, while the monthly chart shows a gain of 6%. The market cap is inching above the $1.30 trillion mark, while the trading volume has seen a significant drop of 20% with a value of $38 billion.


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