Crypto King bitcoin BTC/USD has seen a drop of almost 7% over the last week. However, a prominent crypto analyst suggests that this correction is part of a broader cycle.
What happened: michael van de poppea well-known cryptocurrency analyst, has shared his thoughts on Bitcoin's recent price movements.
Van de Poppe believes that the recent downward trend in BTC may be related to the upcoming halving event.
“Bitcoin consolidation continues. I don't think we'll see much spectacle coming from Bitcoin; “If we do that, we will have to exceed $70,300.”
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He added that the current consolidation is a case of “peaking before the halving. Like any other cycle,” although there is a possibility of Bitcoin hitting new all-time highs in the near future.
The halving event, which occurs every four years, implies a reduction in Bitcoin mining rewards. The next halving is expected to take place next month.
Van de Poppe compared the current BTC price chart to that of the 2016-2017 cycle, suggesting that the current correction could be the prelude to a significant uptrend.
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 we're going to have a massive, prolonged bull market.”
Because it is important: The recent Bitcoin price correction comes amid major 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 published 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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