Bitcoin (BTC) has shattered records, as it has never climbed more than the $70,000 mark, leading to a series of speculation and analysis among cryptocurrency experts. Bitcoin’s current journey has been watched very closely by Michaël van de Poppe, a well-known analyst and trader, in its journey to enter a new all-time high, thus underlining its growing momentum in the world of finance.
With a mere six weeks to go, Bitcoin is at a crossroads as the fourth halving event looms closer. In a recent X post, Van de Poppe outlines three potential paths for BTC in the near term: a growth to $100,000 before or after the halving or a transition to a correction phase that might provoke an “altcoin summer.” In the case of the bearish wave, he indicates $52,000 and $45,000 as important support levels, but he does not rule out the chance of a deeper dip to the mid-$30,000 region or less.
Bitcoin is currently trading at $68,339 on a 1.24% day-on-day increase. The trading volume has increased by 35% and hit the $56 billion border. This excellent wave is reflected in the excitement of those who follow van de Poppe, who expect large growth for BTC in the run-up to the halving. This event, which will take place on April 18, is expected to cut BTC mining rewards to three coins per block or halving, a critical point that, in the past, mostly influenced its market value.
Source: TradingView
Bitcoin’s $70k High Spurs Major Futures Liquidation
In the last trading activity, Bitcoin on some exchanges hit $70,000 for a while before pulling back to $66,400.This volatility resulted in a considerable liquidation of Bitcoin futures positions, with $105 million liquidated within 24 hours, of which $56 million was bear positions, CoinGlass statistics show.
A lot of people are watching, the cryptocurrency community especially, but the journey that Bitcoin is making through this critical time is more than just numbers; it is actually the story of how digital finance is changing and how the acceptance of cryptocurrencies as a mainstream entity is growing. The market is eyeing the halving approaching and waiting for Bitcoin’s next step – the run to the skies or a reshuffle in the face of new conditions.