Crypto swing trader Michaël van de Poppe believes that Bitcoin’s (BTC) price will consolidate in the months preceding the halving event that is scheduled to be held in April.
Bitcoin (BTC) Price in Consolidation Mode
Michaël says he has a general theory that states that the leading cryptocurrency by market capitalization will be consolidating in the next few months. In his opinion, he believes that Bitcoin price pre-halving will be around $48,000 and might grow up to around $50,000. This stance buttresses Michael’s previous statement on the potential of the coin to rebound from its current lows.
The founder and CEO of MN Trading explained that Bitcoin might move towards lower values before embracing a potential rebound. In one of his earlier projections, he indicated an interest in accumulating more Bitcoin in the $36,000 to $40,000 price range. He shared this notion when Bitcoin’s price was around $40,965.
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
Based on the current market value, Bitcoin is trading at $43,016.98 which currently falls within the analyst’s pre-halving prediction. However, he believes the consolidation might result in Bitcoin price hitting another correction level, and if this scenario plays out, the coin may fall to a price range between $36,000 and $38,000.
A statement made by Chris Burniske, co-founder of the venture firm Placeholder shows that he shares Michael’s sentiment.
Burniske also thinks that the Bitcoin market will drop slightly further to consolidate. Noteworthy, this momentum is largely hinged on factors like market-specific dynamics, macroeconomic conditions, adoption rates, and new product developments.
Altcoins to Outperform Bitcoin
The more intriguing speculation from Michael van de Poppe is that once Bitcoin dips to the new correction, altcoins like Solana (SOL), Cardano (ADA), and Ethereum (ETH) may start outshining BTC. By this statement, Michaël means to say that the altcoins will have a more positive growth rate compared to BTC.
Meanwhile, tokens like Dogecoin (DOGE) are already demonstrating a bullish momentum to validate the current projections from the analysts.
In the long run, Michaël van de Poppe is confident that Bitcoin can go as high as $300,000. So many other crypto players have equally expressed their optimism towards having Bitcoin reach a new high, including some predicting a post-halving value of $170,000 to around $1 million, per Samson Mow’s stance.
The Bitcoin market is currently in a peculiar season due to the launch of spot Bitcoin ETFs and the much-anticipated halving event. During this time, Bitcoin price could go sideways but traders are hopeful that it will finally enter its long-awaited bull cycle soon.
