Cryptocurrency analyst Michaël van de Poppe, famous for his accurate predictions, recently shared his views on Bitcoin’s future on X (formerly Twitter).
His tweet has caught the attention of crypto enthusiasts, offering insights into what could come next for the leading cryptocurrency.
Bitcoin Analyst Predicts Price Surge Ahead of 2024 Halving
Renowned cryptocurrency analyst Michaël van de Poppe recently shared his insights on Bitcoin’s future trajectory. According to his tweet, Bitcoin’s price is currently range-bound, with the market in a state of equilibrium. Van de Poppe anticipates this trend to continue in the coming months, forecasting a final pre-halving run towards $48,000. He expects this surge to be followed by a period of consolidation before Bitcoin breaks out towards a new all-time high in the third or fourth quarter of 2024.
#Bitcoin stuck in a range, markets are in an equilibrium.
I'd be looking at the range-bound construction for the coming months.
Pre-halving a final run towards $48K, after that consolidation, before the breakout towards an ATH in Q3/Q4 of 2024. pic.twitter.com/jZznulSiwJ
— Michaël van de Poppe (@CryptoMichNL) February 5, 2024
The Bitcoin halving event, scheduled for April 2024, historically leads to increased scarcity and a subsequent surge in Bitcoin’s price. Van de Poppe’s prediction aligns with this pattern, suggesting that Bitcoin could experience significant growth following the 2024 halving event.
Bitcoin’s current all-time high stands at $69,044, achieved in 2021. Van de Poppe’s forecast implies that Bitcoin has the potential to surpass this previous peak, attracting significant attention from investors and enthusiasts worldwide.
Bitcoin Trading Activity Surges
As of the latest data, Bitcoin’s price sits at $43,088, marking a slight 0.23% increase over the past 24 hours. Additionally, the 24-hour trading volume for Bitcoin has surged by 20.81%, reaching $15,587,716,556. These figures suggest a renewed interest in Bitcoin trading among investors.
According to CoinGlass data, open interest in Bitcoin has experienced a notable uptick of 3.56%, now totaling $18.19 billion. Binance leads in open interest with $3.39 billion, followed closely by Bybit at $2.58 billion and Bitget at $1.16 billion. This rise in open interest indicates a growing interest from both institutional and retail investors in Bitcoin trading.
With anticipation building, many in the community are looking forward to Bitcoin potentially reaching new heights in 2024. Analyst Michaël van de Poppe’s prediction of a pre-halving surge to $48,000, followed by an eventual breakout to an all-time high later in 2024, has ignited excitement and optimism among Bitcoin enthusiasts.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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