Analyst Unveils Colossal Bitcoin Price Target As BTC Stays Close to $70,000 Before the Halving

A widely followed crypto strategist thinks that Bitcoin’s current strength will push BTC to a price level that exceeds people’s expectations this cycle.

Analyst Michaël van de Poppe tells his 711,000 followers on the social media platform X that Bitcoin managing to print a new all-time high above $73,000 before the halving – when miners’ rewards are slashed in half – is a solid signal of strength.

According to the crypto trader, he sees BTC generating more than 4X gains from current levels before witnessing a cycle top.

“Bitcoin still facing crucial resistance.

If this breaks, then we’ll be seeing a continuation towards new all-time highs.

Bitcoin at $70,000 pre-halving.

Likely $300,000 this cycle.” 

Source: Michaël van de Poppe/X

Van de Poppe further says that the crowd is probably underestimating the strength of Bitcoin and the rest of the crypto markets this cycle.

“- The markets are stronger than we think they are.

– Dips on altcoins are massive entries.

– There is a likely case of a new all-time high pre-halving.

– The rotation towards altcoins is coming.” 

At time of writing, Bitcoin is worth $71,289, up over 2% in the last 24 hours.

As for altcoins, Van de Poppe expects traders to rotate their capital to three crypto subsectors.

“People ask; ‘Do we get an ‘altseason?’

Yes, we do.

We always have one, we’ve seen memes, SOL ecosystem and artificial intelligence.

Next are likely ETH ecosystem, DePIN (decentralized physical infrastructure networks) and RWA (real-world assets).”

DePIN leverages blockchain technology to run and maintain physical infrastructures such as energy grids while RWA refers to the tokenization of real-world assets such stocks, commodities and real estate.

Van de Poppe is also looking at the TOTAL3 chart, which tracks the market capitalization of all altcoins minus Ethereum (ETH) and stablecoins. According to the analyst, TOTAL3 continues to flash signs of strength after a weekly close above $700 billion.

“It doesn’t look like the TOTAL3 (altcoin market capitalization) is done with its rally after this weekly close.” 

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Source: Michaël van de Poppe/X

At time of writing, TOTAL3 is hovering at $749 billion.

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https://dailyhodl.com/2024/04/09/analyst-unveils-colossal-bitcoin-price-target-as-btc-stays-close-to-70000-before-the-halving/

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