A prominent crypto analyst reacts to the surge in Bitcoin (BTC), dubbed as the “king crypto,” as it achieves a new record all-time high. According to CoinGecko, BTC hit a milestone peak of $69,255 earlier today.
In response, crypto trader Michaël van de Poppe highlights this as the first instance of a new all-time high occurring before Bitcoin’s halving—a scheduled event that halves BTC rewards to miners every four years.
“Bitcoin reaches a new all-time high at $69,500. The first time we’re seeing a new all-time high pre-halving.”
The upcoming BTC halving, expected next month, is discussed by Van de Poppe, who relates BTC’s current price action to previous cycles.
“Considering there’s a halving happening on Bitcoin, the price action still mirrors previous cycles. The only difference; valuation is higher pre-halving due to the exchange-traded fund.
What it does mean:
- The top is near, 30% correction is likely.
- Altcoins to do well.”
The analyst forecasts a potential BTC dip before further rallies, highlighting the significance of macroeconomic factors such as the unemployment rate.
“I’m still aiming for a potential scenario for Bitcoin, in which liquidity will be taken and then a slight correction takes place. Important macroeconomic day: Unemployment rate. Meanwhile, Altcoins continue to show strength.”
At the time of writing, BTC is valued at $67,034. Looking at the broader crypto landscape, the analyst predicts continued growth in the total crypto market capitalization.
“The total crypto market capitalization continues to rally. Facing some resistance zones/areas for consolidation. Furthermore, the valuations of Altcoins in their BTC pairs are still relatively low. This would suggest that strength is still to come.”
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