Michael van de Poppe, a crypto swing trader, expects Bitcoin (BTC) to consolidate in the remaining months before the April halving. He predicts the price will be around $48,000, with the possibility of reaching $50,000. This is in line with its previous forecast of a rebound from current lows.
Van de Poppe predicts a possible decline before the recovery, which would create an accumulation zone between $36,000 and $40,000. He currently puts Bitcoin at $43,016.98 in his pre-halving forecast, but warns of a further correction to $36,000 to $38,000.
My general theory is that #Bitcoin will consolidate in the coming months.
Before the halving, a final push towards resistance at $48,000-50,000, then another correction to $36,000-38,000 and from then on #Altcoins will continue to outperform Bitcoin. pic.twitter.com/sYiqpg3T93
– Michaël van de Poppe (@CryptoMichNL) February 3, 2024
According to Chris Burniske, co-founder of Placeholder, market consolidation is a mild market decline influenced by market dynamics, macroeconomics, adoption rates and new product developments.
Interestingly, Van de Poppe argues that altcoins like Solana, Cardano, and Ethereum may even perform better than Bitcoin during this correction. This means that these altcoins will grow much faster than BTC.
Dogecoin’s recent bullish momentum is in line with Van de Poppe’s predictions. He is still optimistic about Bitcoin's long-term potential and predicts a price of up to $300,000. Some people, including Samson Mow, are predicting a post-halving value of $170,000 to $1 million.
However, with spot Bitcoin ETFs launching and the halving approaching, the market is still volatile. Although Bitcoin price could move sideways, traders still have hope for an impending bull cycle.
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