While Bitcoin remains well away from its last ATH above $73,000, investors are wondering how BTC will move before and after the halving.
While analysts were divided at this point, analyst Michael van de Poppe said that he expected consolidation to continue in Bitcoin before the halving.
Stating that there is still time for new ATHs in BTC, Poppe stated that Bitcoin's price movement can be compared to the 2016-2017 cycle.
Accordingly, the analyst pointed out that the Bitcoin price reached its peak four weeks before the halving, and stated that there was consolidation and correction after the peak, and then the full rise began 6 months later.
The analyst said that Bitcoin exhibited slow upward movements until the rise that started 6 months after the halving.
Poppe also stated that we experienced the excitement before the halving in the last rally and said that there will be a huge bull after the halving.
Finally, Poppe added that he is interested in buying the decline in altcoins during this correction.
“Consolidation in Bitcoin continues.
I don't think we'll see much upside from Bitcoin; If he does that, he'll need to top $70,300.
There is time for new ATHs, but I think we are seeing the pre-halving peak situation. Just like any other cycle.
In a way, Bitcoin's price action is comparable to the 2016-2017 cycle.
Bitcoin reached its peak four weeks before the halving.
Consolidation and another correction followed by a slow upward movement until acceleration 6 months later.”
In some way, the price action of #Bitcoin is comparable to the 2016-2017 cycle.
Peak four weeks before the halving takes place.
Consolidation and another correction, after which a slow upward grind happens until acceleration 6 months later. pic.twitter.com/s68C70W76G
— Michaël van de Poppe (@CryptoMichNL) March 22, 2024
*This is not investment advice.
