In a recent move that shook the cryptocurrency market, the Bitcoin demonstrated its unwavering strength by once again surpassing the $71K price level earlier this week. Michaël van de Poppe, a prominent cryptocurrency analyst, suggested in a shared analysis on March 27 that the market's largest cryptocurrency is charting a rather optimistic upward trajectory.
In his analysis, Michaël van de Poppe highlighted that Bitcoin could experience a notable increase in its price as it prepares to test the $75-80K zone before the Halving, scheduled to take place in April.
When analyzing the current market scenario, the cryptocurrency expert highlighted that the largest crypto asset is currently going through a consolidation phase, emphasizing his belief that Bitcoin is close to its current execution peak.
“Bitcoin consolidating. I think we are close to the peak of this run, but I think we will have another ATH test, maybe up to $75-80k before the halving and then we will be correcting. During this consolidation/correction phase, I expect altcoins to outperform.”
# 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
At the time of publication, the Bitcoin price it was quoted at US$70.162,52, up 1.2% in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of US$34.044.690.101. In the last seven days, the Bitcoin price increased by 11.8%.
Bitcoin Heads for Pre-Halving Retracement
Analyst Rekt Capital brought an interesting perspective to the Bitcoin market, indicating that, despite the current euphoria, a retracement phase approaches, maintaining the pattern observed in previous pre-halving cycles. The presence of newly launched ETFs, although it has significantly boosted the market, is not seen as a factor capable of changing the expected correction trend.
In its analyses, Rekt Capital highlights that Bitcoin is on the verge of entering the so-called “Danger Zone”, a period that precedes the halving and is characterized by price corrections. Based on historical data, the analyst points out that Bitcoin tends to experience significant pullbacks — 14 to 28 days before the halving event.
