Bitcoin Set to Scale New Heights Before Halving, Says Cryptocurrency Expert

Cryptocurrency expert Michael Van De Poppe predicts a new all-time high for Bitcoin (BTC) before the highly anticipated Halving event later this month. Despite recent bearish activity, Poppe believes BTC is consolidating and has identified key support ($67,000) and breakout ($71,700) levels on lower timeframes. He anticipates one final upward surge before the Halving based on the market's reaction to these levels.

Bitcoin Primed for Pre-Halving All-Time High, According to Cryptocurrency Expert

Amidst recent market fluctuations, cryptocurrency expert Michael Van De Poppe has expressed optimism for Bitcoin's potential to reach a new all-time high (ATH) before the highly anticipated Bitcoin Halving event later this month.

Despite a perceptible bearish sentiment prevailing in the market, Van De Poppe believes that BTC is poised for a final upward surge prior to the halving, a pivotal event that occurs every four years, halving the reward for bitcoin miners and potentially boosting its value.

According to Van De Poppe's analysis, Bitcoin is currently in a consolidation phase, characterized by a narrowing of price movements within a defined range. He has identified two crucial levels within the lower timeframe charts that will determine the asset's future trajectory: the $67,000 support level and the $71,700 resistance level.

Van De Poppe anticipates that Bitcoin will experience a breakout above $71,700, propelling it towards a final ATH test before the halving. This forecast aligns with his previous predictions suggesting that Tuesday could mark the commencement of significant market moves as Bitcoin consolidates.

"Bitcoin is calmly consolidating. Crucial levels (lower timeframes): $67,000 to hold for support, $71,700 for a final breakout towards the ATH. If either of the two happens, probably direction is chosen," Van De Poppe stated in a recent tweet.

"I think we will have one final ATH test before halving happens."

In light of the recent price decline, Van De Poppe has cautioned investors against impulsive buying during periods of sharp price rises. He advises entering the market when BTC's price has experienced a 15% to 40% correction. For those considering investments in altcoins, he recommends investing when they have undergone a 25% to 60% correction.

At the time of writing, Bitcoin is trading at $65,843, reflecting a daily decline of over 5%. Its trading volume has increased by 66% over the past 24 hours, while its market capitalization has decreased by 5%.

Since its peak of $73,000 in early March, Bitcoin's price has declined by approximately 10%. Contributing factors to this retracement include the initial surge in funds flowing into US Spot Bitcoin Exchange-Traded Funds (ETFs), which has since witnessed a gradual decline.

Data from Wu Blockchain reveals that these products experienced a combined net outflow of $85.84 million on Monday. BlackRock ETF IBIT recorded a net inflow of $165 million, while Grayscale ETF GBTC saw a single-day net outflow of $302 million. The cumulative historical net inflow for BTC spot ETFs currently stands at $12.04 billion.

The upcoming Bitcoin Halving is expected to be a significant catalyst for the cryptocurrency, potentially driving its price upwards due to the reduced supply of newly mined Bitcoins. If Van De Poppe's analysis proves accurate, Bitcoin could experience one final pre-halving surge, setting the stage for a potentially lucrative post-halving period for investors.