Bitcoin, the king of cryptocurrencies, has experienced a nearly 7% drop over the past week. However, prominent crypto analyst Michaël van de Poppe suggests that this correction is part of a larger cycle.
Van de Poppe believes that the recent downward trend in Bitcoin may be linked to the upcoming halving event. He stated, “The consolidation on Bitcoin continues. I don’t think we’ll see much spectacle coming from Bitcoin; if we do, it will need to break $70,300.” He added that the current consolidation is a case of “peaking pre-halving. Just like any other cycle,” even though there is potential for Bitcoin to chart new all-time highs in the near future.
The halving event, which occurs every four years, involves a reduction in Bitcoin’s mining rewards. The next halving is expected to take place next month. Van de Poppe compared BTC’s current price chart to that of the 2016-2017 cycle, suggesting that the current correction could be a prelude to a significant upward trend.
Despite the recent correction, Van de Poppe remains bullish on Bitcoin, stating, “My main thesis is that we’ve seen the pre-halving hype and that we’re going to have a long, massive bull market.”
The recent correction in Bitcoin’s price comes amid significant developments in the cryptocurrency market. Earlier this week, major cryptocurrencies experienced a mixed trading session following a drop in weekly jobless claims. Renowned investor Cathie Wood projected a staggering price target for Bitcoin, suggesting the cryptocurrency could reach $3.8 million by 2030.
Analysts remain optimistic about the future of Bitcoin and other cryptocurrencies, with a bullish forecast predicting significant growth for Bitcoin and altcoins by the end of 2025. Despite short-term fluctuations, the long-term outlook for Bitcoin remains positive.
As of the latest data, Bitcoin was trading at $64,718, down 2.36% in the last 24 hours. The cryptocurrency market continues to attract attention from investors and traders, with potential for further growth in the coming years.
