Crypto swing trader Michaël van de Poppe expects the price of Bitcoin (BTC) to consolidate in the months leading up to the halving scheduled for April.
Bitcoin (BTC) price in consolidation mode
Michaël says he has a general theory that the leading cryptocurrency by market cap will consolidate over the next few months. In his opinion, he expects the Bitcoin price to be around $48,000 before the halving could grow to about $50,000. This stance supports Michael's previous statement about the coin's potential to recover from its current lows.
The founder and CEO of MN Trading explained that Bitcoin could move towards lower values before a possible recovery occurs. In one of his earlier projections he has showed an interest in accumulating more Bitcoin ranging in price from $36,000 to $40,000. He shared this view when the price of Bitcoin was around $40,965.
Based on the current market value, Bitcoin is trading at $43,016.98, which is currently within the analyst's pre-halving forecast. However, he believes that the consolidation could cause the Bitcoin price to reach another correction level, and if this scenario occurs, the coin could fall to a price range between $36,000 and $38,000.
A statement from Chris Burniske, co-founder of venture firm Placeholder, shows that he shares Michael's opinion.
Burniske also believes that the Bitcoin market will do the same sink a little further to consolidate. Notably, this dynamic largely depends on factors such as market dynamics, macroeconomic conditions, adoption rates and new product developments.
Altcoins are outperforming Bitcoin
The more interesting speculation from Michael van de Poppe is that altcoins like Solana (SOL), Cardano (ADA), and Ethereum (ETH) could start to eclipse BTC once Bitcoin falls below the new correction. With this statement, Michaël means that altcoins will have a more positive growth rate compared to BTC.
There are now tokens like Dogecoin (DOGE). demonstrates bullish momentum to validate analysts' current forecasts.
In the long term, Michaël van de Poppe is confident that Bitcoin can survive up to $300,000. So many other crypto players have also expressed their optimism that Bitcoin will reach a new high, including some predictionsThe eastern value halves from $170,000 to around $1 millionaccording to the attitude of Samson Mow.
The Bitcoin market is currently in a special season due to the launch of spot Bitcoin ETFs and the highly anticipated halving. During this time, Bitcoin price could trend sideways, but traders are hoping it will finally enter its long-awaited bull cycle soon.
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