A widely followed crypto analyst says Bitcoin’s (BTC) recent consolidation may now have an end in sight.
Crypto trader Michaël van de Poppe tells his 686,100 followers on the social media platform X that BTC’s volatility is decreasing.
“Bitcoin is getting toward the final stages of this correction.
We’re seeing volatility decrease from here, as the markets have witnessed a 20% correction in 10 days.
The range-low is still $36-39,000, and upward momentum to the halving is likely from here.”
The BTC halving is an event that slashes BTC miners’ rewards in half, reducing the amount of new supply hitting the market. The next halving is projected for April 2024.
According to Van de Poppe, the recent approval of spot BTC exchange-traded funds (ETFs) is likely to have a positive effect on Bitcoin’s price soon.
“The markets need to be more accurate with the impact of the ETF.
There’s some selling pressure in the short term, but in the long term, a massive amount of new money flows into the markets from new participants.
As a result, Bitcoin might push higher this cycle than we think.”
BTC is worth $39,676 at time of writing.
Looking at Ethereum (ETH), Van de Poppe predicts the leading smart contract platform will also gain steam over the coming weeks.
“The momentum towards ETH is probably going to come in the next few weeks.
Arguments:
– Bitcoin bottoming out is a trigger for altcoins to make a new run.
– Ethereum Spot ETF hype.
– Ethereum launching new upgrades to reduce 90% of the costs.”
ETH is worth $2,186 at time of writing.
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Featured Image: Shutterstock/Tithi Luadthong
