A widely followed crypto analyst says relief is on the way for Bitcoin as the upcoming BTC halving approaches.
The BTC halving is a pre-programmed event that occurs every four years and halves BTC mining rewards.
Analysts and experts expect the next BTC halving to occur in the coming days or even hours.
one analyst, Michaël van de Poppe, shares with his 712,800 followers on the social media platform
“Quite a big chance that Bitcoin will bounce up from this area and provide some relief.
The hype around Bitcoin is slowly fading as the halving approaches and the narratives will change.”
Source: Michael van de Poppe/X
With BTC currently trading near the $64,000 mark, the analyst expects the king cryptocurrency to recover as planned.
“Bitcoin Halving Day!
Good response from the lower range.
It looks great.”
Source: Michael van de Poppe/X
At the time of writing, BTC is worth $63,699, up 0.4% in the last 24 hours.
Van de Poppe now turns to altcoins and says the end of a long bear market may already be behind us.
“The altcoin bear market has been going on for three years.
The bottom may have been reached after last week.”
Looking at blockchain oracle altcoin Chainlink, the analyst says LINK is well positioned when trading BTC.
“Chainlink is such a huge topic to pay attention to at this BTC valuation.”
Source: Michael van de Poppe/X
At the time of writing, LINK is worth 0.00022 BTC ($13.78), up 1.6% in the last 24 hours.
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