In a recent tweet, famous analyst Michaël van de Poppe expressed an optimistic perspective on Bitcoin’s price trend, which drew attention from the cryptocurrency community. According to van de Poppe, Bitcoin’s momentum is “massive,” indicating a strong market trend. He expects a short-term pullback before the cryptocurrency makes a last push into the $54,000 to $58,000 level, thereby ending the current pre-halving rally.
This prognosis comes at a time when the Bitcoin market is showing strong positive signs. Bitcoin’s price has risen significantly, and it now stands at $52,267. This reflects a 0.70% increase in the previous 24 hours and a remarkable 25.83% increase over the last 30 days. This momentum is evident not just in the price but also in other market indicators.
https://x.com/CryptoMichNL/status/1759502042303811854?s=20
Data from CoinGlass supports this positive outlook, with a 1.21% increase in Bitcoin Open Interest in the previous 24 hours, totaling $24.13 billion. Open Interest is a measure of the total number of outstanding derivative contracts, such as futures and options, that have yet to be settled. An increase in Open Interest suggests that more traders are entering the market with the expectation that Bitcoin’s price will climb.
Halving buzz
The approaching Bitcoin halving event in April is a major element contributing to the positive sentiment. Bitcoin halving is an important event that occurs every four years, cutting the reward for mining new blocks in half. This reduction in the pace at which new coins are created operates as a deflationary process, restricting supply and frequently resulting in price hikes, as previous halving events have demonstrated.
As the crypto world watches intently, the anticipation of the halving event, along with current market momentum, lays the scenario for a large price movement in the near future. Despite the volatility of the crypto market, Michaël van de Poppe’s study gives a bright perspective that many investors anticipate will lead to a new milestone in Bitcoin’s price trajectory.
