Crypto Analyst Analyzes Bitcoin’s New All-Time High and Market Rally
A widely followed crypto analyst is reacting as king crypto Bitcoin (BTC) sets a new record all-time high. According to CoinGecko, BTC reached a new all-time high of $69,255 earlier this morning.
In response, crypto trader Michaël van de Poppe says this is the first new all-time high before Bitcoin’s halving, a pre-programmed event that occurs every four years designed to cut the BTC rewards to miners in half.
New All-Time High Pre-Halving
Van de Poppe comments on the significance of Bitcoin reaching a new all-time high before the upcoming halving event:
- Bitcoin reaches a new all-time high at $69,500.
- This is the first time we’re seeing a new all-time high pre-halving.
Price Action Reflects Previous Cycles
Van de Poppe explains that BTC’s current price action reflects the activity of previous cycles. He notes that the only difference this time is a higher valuation pre-halving due to the exchange-traded fund. The analyst also makes two key predictions:
- The top is near, and a 30% correction is likely.
- Altcoins are expected to perform well.
Dip Expected Before Further Rallies
The analyst anticipates a dip from BTC before further rallies:
- Liquidity will be taken and then a slight correction will occur.
- An important macroeconomic day is approaching with the unemployment rate announcement.
- Altcoins continue to show strength.
Wider Market Rally Predictions
Van de Poppe believes that the wider crypto markets will only grow stronger. He highlights the following points:
- The total crypto market capitalization continues to rally.
- There are some resistance zones/areas for consolidation.
- The valuations of Altcoins in their BTC pairs are still relatively low, suggesting that strength is still to come.
Hot Take: Bitcoin’s New All-Time High and Market Rally
The recent surge in Bitcoin’s price, leading to a new all-time high, has caught the attention of the crypto community. Analyst Michaël van de Poppe believes that this milestone is significant, especially since it occurred before the upcoming halving event. He predicts a potential correction and highlights the positive performance of altcoins.
Looking at the wider market, Van de Poppe sees a strong rally in the total crypto market capitalization. While there may be some resistance areas for consolidation, he believes that Altcoins still have room for growth based on their valuations in BTC pairs.
The current market conditions present both opportunities and challenges for crypto traders. It is important to stay informed and monitor price action closely to make informed investment decisions. As always, it’s crucial to exercise caution and manage risks appropriately in this volatile market.
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