The leading cryptocurrency, Bitcoin, fell below $61,000 with a sharp decline from $73,000 and then entered a consolidation phase.
While BTC generally moved horizontally during this process, a positive assessment came from experienced analyst Michael van de Poppe.
Poppe, who based his analysis on the weekly candle formation, said that he expected Bitcoin to test above $ 70,000 this week.
“Looking at the weekly candles across the markets, it looks like most altcoins have hit a relative bottom.
“With great strength in altcoin markets, I think Bitcoin is likely to test $70,000 next week.”
Poppe then pointed out that Bitcoin was still in a consolidation phase and said that BTC had a chance to make another test at its all-time high before the halving.
*This is not investment advice.