Bitcoin, the largest cryptocurrency, has witnessed tumultuous price changes recently.
BTC rose above $48,000 and soon fell to the $41,000 level.
While these volatile movements in BTC were enough to make investors nervous, popular analyst Michael van de Poppe claimed that, contrary to the recent price decline, BTC would experience a major rise right before the halving event.
Arguing that there may be a bull rally before the halving, Poppe predicted $ 300,000 for BTC.
Stating that at this point, declines below $ 41,000 offer a buying opportunity, Poppe said:
“Maybe we can take another round of uptrend before the halving. However, every level below $41,000 presents a decline opportunity, and every decline below $41,000 is very logical.
“At this point I expect Bitcoin to rise to $300,000.”
The range is defined on #Bitcoin.
Perhaps we'll have another run pre-halving, but more or less dips to be bought sub $41K makes a lot of sense.
Just before #Bitcoin goes to $300,000. pic.twitter.com/7Y4ol3OecN
— Michaël van de Poppe (@CryptoMichNL) January 15, 2024
Touching on altcoins other than Bitcoin, Poppe said that history is repeating itself in terms of the relationship between Bitcoin dominance and altcoin rally.
At this point, Poppe argued that Bitcoin dominance has reached its peak and altcoins will perform better in the coming days.
“History is repeating itself.
Accordingly, Bitcoin's pre-halving dominance is expected to peak, potentially marking the top of a cycle.
“Altcoins are likely to perform better in the coming period.”
History repeating itself.#Bitcoin dominance peaking before the halving and potentially marking a cycle top.
Altcoins are likely to outperform coming period. pic.twitter.com/ox36x2M5NG
— Michaël van de Poppe (@CryptoMichNL) January 15, 2024
*This is not investment advice.
