Bitcoin (BTC) has fallen nearly 7% over the past week, and a widely followed cryptocurrency analyst believes the correction is all part of the process.
Michael van de Poppe, digital asset trader To tell 705,000 followers on social media platform X claim that BTC's downward trend could be a result of its pre-halving peak.
“Bitcoin consolidation continues.
I don't think a big spectacle will emerge from Bitcoin. If you do, you'll need to break $70,300.
Above, there is time to renew the all-time high, but I think we may still see cases where it reaches the peak before the halving.
Just like any other cycle. ”
The BTC halving is an event that occurs once every four years when Bitcoin mining rewards are halved. The next halving is scheduled for next month.
According to analysts, BTC's current price list Similar to the 2016-2017 cycle chart.
“In some ways, Bitcoin price movements are comparable to the 2016-2017 cycle.
The peak is 4 weeks before the half-life.
There is consolidation and further correction, followed by a slow rise until acceleration six months later. ”
Van de Poppe too Claim He says the BTC correction only strengthens his bullish case.
“Bitcoin is still adjusting downward.
My main argument is that we are seeing the pre-halving hype and will continue to see a massive bull market for a long time.
Anything at the lower bound -> purchase opportunity.
I am also interested in buying altcoins when they are popular. ”
At the time of writing, BTC was valued at $63,873, down 4% in the past 24 hours.
Never miss a beat – Subscribe to get email alerts delivered straight to your inbox
Check price action
follow me twitterFacebook and Telegram
Surf the Daily Hoddle Mix
 
Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should perform due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that transfers and transactions are made at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets. The Daily Hodl is also not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated image: DALLE3
