Crypto analyst, Michaël van de Poppe, predicts a potential new all-time high (ATH) for Bitcoin (CRYPTO: BTC) before the upcoming halving event, while altcoins face a tough time.
What Happened: On Thursday, van de Poppe tweeted his analysis of the current crypto market. He noted that Bitcoin is facing a crucial resistance level. If it manages to break the $71-72K range, he expects a new ATH before the halving event. Meanwhile, he observed that altcoins are getting crushed in their Bitcoin pairs, indicating a close rotation.
See Also: What Happened To Dogecoin After The Bitcoin Halving Four Years Ago?
His tweet came on the same day that Bitcoin surpassed the significant $70,000 mark, as reported by Benzinga.
So far this week, the apex cryptocurrency has gained 4.6% and in the longer horizon, since the year started, it has shot up 67.8%.
Why It Matters: Bitcoin’s rise above $70,000 has been attributed to various factors, including positive PPI data. The ultra-rich investment club, R360, has also shown a high interest in Bitcoin, considering it a top-tier investment, as per Benzinga.
The upcoming Bitcoin halving event, expected on April 20, is considered a potential game-changer for the mining industry, according to a recent JPMorgan report. This event could be a significant factor in Bitcoin’s price movement, as highlighted by van de Poppe’s tweet.
Price Action: At the time of writing, Bitcoin traded 0.4% higher at $70,937.80, according to data from Benzinga Pro.
Engineered by Benzinga Neuro, Edited by Shivdeep Dhaliwal
The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!