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.
Engineered by Benzinga Neuro, Edited by Shivdeep Dhaliwal
The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
