The halving event of Bitcoin (BTC), the leading cryptocurrency by market capitalization, is expected to happen in April 2024. This event will reduce the supply of new bitcoins generated by miners and potentially increase the demand and price of the digital asset. However, before the halving, BTC price may undergo a period of consolidation, according to a top market analyst.
Michaël van de Poppe, a crypto swing trader and the founder and CEO of MN Trading, believes that the BTC price would remain stable in the coming months. Michaël predicts that BTC price pre-halving will range from $48,000 to $50,000. This is consistent with his previous forecast that BTC will recover from its current lows.
He also revealed that he is interested in buying more Bitcoin if the price drops from $36,000 to $40,000. He made this statement when BTC was trading at around $40,965.
Bitcoin Market Factors
Michaël van de Poppe is not the only one who shares this view. Chris Burniske, the co-founder of the venture firm Placeholder, also believes that the Bitcoin market will consolidate further before the halving. He cites factors affecting the BTC price, such as market-specific dynamics, macroeconomic conditions, adoption rates, and new product developments.
One of the new developments that may impact the BTC market is the launch of spot Bitcoin ETFs, which are exchange-traded funds that track the price of Bitcoin directly. These products may attract more institutional and retail investors to the crypto space and increase the liquidity and demand for Bitcoin.
Another interesting speculation from Michaël van de Poppe is that altcoins, or alternative cryptocurrencies, may perform better than Bitcoin once Bitcoin price reaches its correction level. He suggests that altcoins like Solana (SOL), Cardano (ADA), and Ethereum (ETH) may have a higher growth rate than Bitcoin.
Some altcoins, such as Dogecoin (DOGE), have already shown a bullish trend and validated the analyst’s projections. Dogecoin is a meme-based cryptocurrency that has gained popularity and value due to social media hype and celebrity endorsements.
Bitcoin Price In The Long Run
Despite the short-term consolidation, Michaël van de Poppe is optimistic about the long-term potential of Bitcoin. He is confident that BTC can reach as high as $300,000 in the future. He is not alone in this prediction, as many other crypto enthusiasts have also expressed their bullish expectations for BTC, ranging from $170,000 to $1 million, after the halving.
The halving event is crucial for the BTC market, as it may trigger a new bull cycle for the cryptocurrency. However, before that happens, BTC price may stabilize and consolidate in the next few months, according to a top analyst. This may create an opportunity for altcoins to outshine BTC and investors to accumulate more BTC at lower prices.
As of today, February 4, 2024, BTC is trading at $42,802.98 with a current market cap of $ 840.08 billion, according to CoinMarketCap. BTC has slightly declined by 0.65% in the last 24 hours. Michaël van de Poppe thinks BTC price may face another correction and fall to the $36,000 to $38,000 level before the halving.
Related Reading | FTX Seeks Court Approval To Sell $175M Claim Against Genesis Global Capital