- Analyst said that Bitcoin might reach $48,000 or $51,000 before halving.
- Bitcoin’s volatility tightened, suggesting that notable price fluctuations might be minimal.
- The accumulation of Bitcoin by large entities increased, indicating a possible recovery.
According to Michaël van de Poppe, founder of MN Trading, the price of Bitcoin (BTC) might hit between $48,000 and $51,000 before the next halving. The analyst, in his post, admitted that the coin’s consolidation has made the price action “boring.”
#Bitcoin consolidating and acting in a boring manner.Probably it will look for a higher low after which we're having a slight pre-halving push to $48-51K. pic.twitter.com/eu0DE4kYmN
— Michaël van de Poppe (@CryptoMichNL) February 1, 2024
Nevertheless, the analyst’s opinion meant that BTC could jump more than 20% before the event, which is less than 100 days away. Van de Poppe’s opinion could be valid considering Bitcoin’s historical performance.
BTC To Repeat Historical Performance?
For instance, before the July 2016 second halving, Bitcoin’s price climbed from $392 to $604. A similar scenario happened just before the May 2020 halving…
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