Once again there is hope for Bitcoin (BTC), as Michael Van De Poppe, a cryptocurrency expert, has done in the spotlight the potential for the crypto asset’s price to reach a new all-time high before the highly anticipated halving event begins.
A final all-time high for Bitcoin before the halving
Bitcoin’s price is currently showing new bearish activity, which could lead to negative sentiments in the market in the coming days. Despite the notable decline, Michael Van De Poppe is optimistic that BTC will reach new highs sooner Bitcoin halving is expected to take place at the end of this month.
According to the analyst, the digital asset is currently in a consolidation zone. He further identified two different crucial levels within the lower time frames such as the $67,000 threshold as a support level and the $71,700 barrier as a final break towards the peak.
It’s worth noting that Michael Van De Poppe previously predicted that Tuesday is likely when the real moves will start as Bitcoin consolidates. So if the coin sustains the $67,000 level, it will represent a final peak test prior to the halving.
Poppe now seems confident in his prediction, as he claims that if either of the two crucial levels mentioned above develops, it will determine Bitcoin’s direction. Because of this, he believes that BTC will experience a final all-time high before the halving.
The message read:
Bitcoin is quietly consolidating. Crucial levels (lower time frames): $67,000 to hold for support, $71,700 for a final break towards the ATH. If either happens, one direction will likely be chosen. I think we’ll have one last ATH test before the halving happens.
Following the recent decline, Poppe has issued a warning to the crypto community on how to handle the price action. “You don’t want to chase those huge green candles,” he said.
He advocates when to enter the market BTCThe price has fallen by 15% to 40%. Additionally, he addressed those considering investing in altcoins, urging them to invest when altcoins have fallen by 25% to 60%.
Possible triggers for the correction
At the time of writing, Bitcoin’s price is trading at $65,843, showing a decline of more than 5% in the daily time frame. Trading volume has seen a significant increase of 66% in the past day, while the market capitalization has decreased by 5%.
Since peaking at $73,000 in early March, Bitcoin’s price has fallen by almost 10%. One factor that likely contributed to the retracement was the influx of funds into US Spot Bitcoin Exchange-Traded Funds (ETFs)which has since gradually calmed down.
Facts from Wu Blockchain revealed that its products saw total net outflows of $85.84 million on Monday. BlackRock ETF IBIT recorded net inflows of $165 million, while Grayscale ETF GBTC saw single-day net outflows of $302 million. Currently, the historical cumulative net inflows for the BTC spot ETFs are set at $12.04 billion.
Featured image from iStock, chart from Tradingview.com
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