4 February 2024
As the eagerly awaited Bitcoin halving event approaches in April, cryptocurrency analysts are engaging in spirited discussions about the potential trajectory of the leading cryptocurrency’s price.
Offering his insights, Michaël van de Poppe, the founder and CEO of MN Trading, has shared his predictions, outlining a period of consolidation before potential growth, with a particular emphasis on the anticipated outperformance of certain altcoins.
Bullish Long-Term Outlook Amidst Short-Term Consolidation
Van de Poppe envisions a phase of consolidation for Bitcoin in the upcoming months, with a suggested price range oscillating between $48,000 and $50,000 leading up to the halving event.
My general theory is that #Bitcoin is consolidating in the coming months.
Pre-Halving a final run towards resistance at $48-50K, after that another correction to $36-38K and from there #Altcoins to continue outperforming Bitcoin. pic.twitter.com/sYiqpg3T93
— Michaël van de Poppe (@CryptoMichNL) February 3, 2024
However, he cautiously warns of the possibility of a further correction, potentially driving the price down to a range of $36,000 to $38,000 before witnessing a rebound. This aligns with his previous statements expressing a keen interest in accumulating more Bitcoin within this specified range.
Despite these short-term predictions of consolidation, Van de Poppe maintains a bullish stance on Bitcoin’s long-term prospects. He boldly projects a potential future price of $300,000, echoing the prevailing optimistic sentiment within the cryptocurrency market.
This optimistic outlook is not unique to Van de Poppe, as other analysts also express similar enthusiasm, with price predictions ranging from $170,000 to a staggering $1 million post-halving.
In an intriguing twist, Van de Poppe suggests that while Bitcoin experiences this period of consolidation, certain altcoins, namely Solana (SOL), Cardano (ADA), and Ethereum (ETH), may potentially “outshine” Bitcoin.
This implies an anticipation of their growth rates surpassing those of Bitcoin. Notably, Dogecoin (DOGE) has already displayed bullish momentum, seemingly validating these projections.
Bitcoin Price At A Glance
Bitcoin is currently trading at approximately $43,097, and its next move is crucial. If it breaks above $43,375, it might surge further, finding resistance at higher levels. On the downside, there’s a solid support around $42,940, backed by the 50-Day Exponential Moving Average (EMA).
The Relative Strength Index (RSI) suggests a neutral market, hovering around 54, without a clear direction. Traders are closely watching for a potential breakout above $43,375, which could trigger a bullish rally, or a drop below $42,950, indicating a bearish trend. The market is at a pivotal point, and significant price action could follow.
Traders Remain Upbeat On Much-Awaited Bull Cycle
The current Bitcoin market operates within a unique landscape, shaped by the recent launch of spot Bitcoin ETFs and the looming halving event. While the possibility of sideways movement exists, traders remain hopeful for the initiation of the long-awaited bull cycle.
As the crypto community eagerly awaits the unfolding of these predictions, the dynamics of the market continue to evolve, keeping investors on the edge of their seats in anticipation of the upcoming events.
Featured image from Adobe Stock, chart from TradingView