Bitcoin Next Stop $80,000? Crypto Analyst Sees BTC Soaring Ahead Of 2024 Halving
March 27 2024 - 4:30PM
NEWSBTC
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 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. Related Reading: Bitcoin’s
‘Next Leg Higher Has Started,’ Says Analyst: Reveals $100,000
Target On The Horizon 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 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.
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 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. #Bitcoin – 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…
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. Related Reading: Bitcoin is
“Overheating” For The First Time Ever Before 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
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