Popular Crypto Analyst Offers Insight Into The Upcoming Halving Event

Cryptocurrency analyst Michaël van de Poppe predicts the potential for Bitcoin (BTC) to reach a new all-time high (ATH) against the USD before the upcoming halving event, while alternative cryptocurrencies face a challenging period.

New Potential ATH

In a recent tweet, van de Poppe shared his analysis of the current crypto market, highlighting an encounter by Bitcoin with a crucial resistance level. He anticipates that if the flagship crypto manages to breach the $71,000 to 72,000 range, it could set a new ATH before the halving event. Additionally, he observed a significant decline in altcoins compared to Bitcoin, suggesting an imminent rotation.

The timing of the tweet coincides with Bitcoin surpassing the $70,000 milestone on Thursday, as seen on CoinGecko. Bitcoin has recorded a 4.6% gain this week, with a substantial 67.8% increase since the beginning of the year.

Excitement For The Halving

In any case, the recent surge exhibited by Bitcoin when it went above $70,000 has been linked to various factors, including positive Producer Price Index (PPI) data and increased interest shown by wealthy investors, such as the R360 investment club.

The upcoming Bitcoin halving event, scheduled for April 20th, 2024, is anticipated to have a significant impact on the mining industry, according to a recent JPMorgan report. The aforementioned tweet suggests that this event could play a crucial role in the future price trajectory for BTC. Elsewhere, the rise in daily transactions of Shiba Inu (SHIB) by 1,082% indicates continued bullish sentiment towards SHIB, according to CoinMarketCap.