Fresh Bitcoin All-Time High Possible Pre-Halving If This Happens, Says Crypto Analyst

Crypto analyst, Michaël van de Poppe, predicts a potential new all-time high (ATH) for Bitcoin BTC/USD before the upcoming halving event, while altcoins face a tough time.

What Happened: On Thursday, van de Poppe tweeted his analysis of the current crypto market. He noted that Bitcoin is facing a crucial resistance level. If it manages to break the $71-72K range, he expects a new ATH before the halving event. Meanwhile, he observed that altcoins are getting crushed in their Bitcoin pairs, indicating a close rotation.

See Also: What Happened To Dogecoin After The Bitcoin Halving Four Years Ago?

His tweet came on the same day that Bitcoin surpassed the significant $70,000 mark, as reported by Benzinga.

So far this week, the apex cryptocurrency has gained 4.6% and in the longer horizon, since the year started, it has shot up 67.8%.

Why It Matters: Bitcoin’s rise above $70,000 has been attributed to various factors, including positive PPI data. The ultra-rich investment club, R360, has also shown a high interest in Bitcoin, considering it a top-tier investment, as per Benzinga.

The upcoming Bitcoin halving event, expected on April 20, is considered a potential game-changer for the mining industry, according to a recent JPMorgan report. This event could be a significant factor in Bitcoin’s price movement, as highlighted by van de Poppe’s tweet.

Price Action: At the time of writing, Bitcoin traded 0.4% higher at $70,937.80, according to data from Benzinga Pro.

Read Next: ‘Dogecoin Killer’ Shiba Inu’s Daily Transactions Spike 1,082%: ‘Still Very Bullish On SHIB,’ Says Crypto


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Posted In: CryptocurrencyNewsMarketsBitcoinMichaël van de PoppeShivdeep Dhaliwal
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