Van de Poppe believes that the recent downward trend in BTC may be linked to the upcoming halving event.
“The consolidation on Bitcoin continues. I don't think we'll see much spectacle coming from Bitcoin; if we do, it will need to break $70,300."
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The halving event, which occurs every four years, involves a reduction in Bitcoin’s mining rewards. The next halving is expected to take place next month.
Van de Poppe compared BTC’s current price chart to that of the 2016-2017 cycle, suggesting that the current correction could be a prelude to a significant upward trend.
Despite the recent correction, Van de Poppe remains bullish on Bitcoin, stating,
"My main thesis is that we've seen the pre-halving hype and that we're going to have a long, massive bull market."
Why It Matters: The recent correction in Bitcoin’s price comes amid significant developments in the cryptocurrency market.
Earlier this week, major cryptocurrencies experienced a mixed trading session, following a drop in weekly jobless claims.
Renowned investor Cathie Wood projected a staggering price target for Bitcoin, suggesting the cryptocurrency could reach $3.8 million by 2030.
Despite the recent correction, analysts remain optimistic about the future of Bitcoin and other cryptocurrencies.
