King Crypto Bitcoin (CRYPTO: BTC) has experienced a nearly 7% drop over the past week. However, a prominent crypto analyst suggests that this correction is part of a larger cycle.
What Happened: Michaël van de Poppe, a well-known cryptocurrency analyst, has shared his insights on Bitcoin’s recent price movements.
Van de Poppe believes that the recent downward trend in BTC may be linked to the upcoming halving event.
“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."
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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."
Why It Matters: 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.
Despite the recent correction, analysts remain optimistic about the future of Bitcoin and other cryptocurrencies.
A bullish forecast released by a popular analyst predicts significant growth for Bitcoin and altcoins by the end of 2025.
Price Action: Bitcoin was trading at $64,718, down 2.36% in the last 24 hours, according to Benzinga Pro.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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