As per a recent analysis by crypto expert Michaël van de Poppe, Bitcoin (BTC) has the potential to surge by over 70%, following a pattern similar to that of 2015.
Bitcoin price to see massive boom
In his latest video, which has been viewed by over 162,000 subscribers on YouTube, he highlighted that Bitcoin may be displaying a recurring trend observed in 2015, where it remained in a stable trading range before experiencing a significant upward movement just before the 2016 halving event.
The next halving event is expected to take place in April 2024, resulting in a 50% reduction in miners’ rewards.
“You can see that we’re building a beautiful range, which means this is very much comparable to the price action we witnessed in 2015. Let’s go there. Here [in 2015] we had been establishing a range in sideways action for a long time, and couldn’t break through it until the pre-halving run took place.”
According to a cryptocurrency expert who is closely monitoring Bitcoin’s performance, the 200-week exponential moving average (EMA) is currently acting as support and they believe that the market correction is now over.
They are optimistic that the currency will soon retest range highs, which could result in an increase of over 70% from its current value.
The expert predicts that Bitcoin could reach as high as $45,000 before its halving, although the chances of retesting the 200-week EMA are relatively low. If Bitcoin stays above certain crucial levels, the expert expects upward momentum to continue.
They suggest that a likely scenario for Bitcoin is a rally to approximately $32,141 next month, followed by a retest at around $28,700, and ultimately a breakout to even higher levels.
There are all kinds of optimistic predicitons coming our way these days, so you better make sure to keep an eye on the markets.
In other recent news, Coinbase CEO Brian Armstrong has announced that the exchange will be supporting Lightning Network, a layer-2 scaling solution for Bitcoin that aims to address scalability issues.