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Bitcoin Final Dance: Analyst Eyes Final Peak Ahead Of Halving

Once again, there is hope for Bitcoin (BTC) as Michael Van De Poppe, a cryptocurrency expert, has spotlighted the potential for the crypto asset’s price to reach a new all-time high before the highly anticipated Halving event commences.

One Final All-Time High For Bitcoin Before Halving

The price of Bitcoin is presently exhibiting new bearish activity, which might trigger negative sentiments in the market over the next few days. Despite the notable decline, Michael Van De Poppe is optimistic that BTC will attain a new height prior to Bitcoin Halving expected to occur this month’s end.

According to the analyst, the digital asset is currently in a consolidation zone. He further identified two distinct crucial levels within the lower timeframes such as the $67,000 threshold as a support level and the $71,700 mark as a final break out towards the peak.

It is worth noting that Michael Van De Poppe previously forecasted that Tuesday is probably when the real moves are expected to begin as Bitcoin consolidates. Thus, if the coin holds the $67,000 level, he will propose a one-last peak test ahead of the halving.

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Poppe seems to be confident about his prediction now as he asserts that if one of the two aforementioned crucial levels develops, it will determine the direction of Bitcoin. Due to this, he believes BTC will experience one final pre-halving all-time high.

The post read:

Bitcoin is calmly consolidating. Crucial levels (lower timeframes): $67,000 to hold for support, $71,700 for a final breakout towards the ATH. If either of the two happens, probably direction is chosen. I think we will have one final ATH test before halving happens.

Following the recent decline, Poppe has issued a warning to the crypto community on how to interact with the price action. “You do not want to chase those massive green candles,” he stated.

He advocates entering the market when BTC‘s price is down by 15% to 40%. Additionally, he addressed those considering investing in altcoins, urging them to invest when altcoins are down by 25% to 60%.

Possible Triggers For The Correction

As of press time, Bitcoin’s price is trading at $65,843, demonstrating a decline of over 5% in the daily timeframe. Its trading volume has seen a significant uptick of 66% in the past day, while its market cap has decreased by 5%.

Since its peak of $73,000, achieved in early March, the price of Bitcoin has dropped by nearly 10%. One factor considered to have contributed to the retracement was the influx of funds into US Spot Bitcoin Exchange-Traded funds (ETFs), which has since started to calm down gradually.

Data from Wu Blockchain revealed that the products saw an overall net outflow of $85.84 million on Monday. BlackRock ETF IBIT recorded a net inflow of $165 million, while Grayscale ETF GBTC experienced a single-day net outflow of $302 million. Presently, the historical cumulative net inflow for the BTC spot ETFs is pegged at $12.04 billion.

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Bitcoin Suffers Massive Drop On BitMEX, Is The Rally Over?

Since Bitcoin (BTC) witnessed a crash this week to $64,000, the crypto asset has not been able to reclaim its momentum, with the price falling even lower. This has led to a general market decline that has affected altcoins.

Bitcoin Plummets To $8,900 On BitMEX Exchange

In a devastating turn of events, Bitcoin witnessed a steep decline on the Seycelles-based cryptocurrency exchange BitMEX on Monday. Reports from blockchain media, Wu Blockchain, revealed that Bitcoin fell to around $8,900, following a massive BTC sell-off on the platform.

Wu Blockchain reported that a user sold over 400 BTC, which led to the price of Bitcoin falling to the aforementioned figure. Over the space of two hours, the unidentified user sold the 400 BTC in groups of 10–50 BTC.

Consequently, BitMEX’s market stability was impacted since the user sold the assets for incredibly low prices. However, according to reports from Blockchain Daily, the event was short-lived as prices have now returned to the normal level.

In response to the development, BitMEX has assured the crypto community that it is “looking into odd behavior” involving users selling substantial orders on the spot market for BTC-USDT.

The crypto platform further stated that while the investigation is ongoing, “the derivatives market will still be operational, including the index price for its popular XBT derivatives contracts.” Furthermore, the exchange confirmed the safety of users’ funds and assets, and the platform is “running as usual.”

Given that the price of Bitcoin was situated at $68,000 before the incident, the drop indicates an over 87% decline. After falling to $8,900, Bitcoin recovered, but the abnormal price fluctuations lasted for an additional 30 minutes before things returned completely to normal.

The development has since stirred quite a frenzy within the cryptocurrency landscape, leaving the community to ponder on the reason behind the drop. Several crypto enthusiasts believe that the incident was a move orchestrated by BitMEX to manipulate prices to liquidate investors and end up making a lot of money.

Larger Crash Might Take Place

As Bitcoin continues to move downward, Gold advocate and crypto critic Peter Schiff has forecasted a larger crash for prices. At first, Peter Schiff drew the crypto community’s attention to the 2021 rally, in which BTC peaked at $69,000.

However, the largest cryptocurrency witnessed a collapse the next year, and by November 2022, it was already trading at $16,000. As a result, Schiff mocked Bitcoin enthusiasts, asking, “How many of them still have their laser eyes on their profiles.”

Thus, considering that the majority are presently more optimistic about BTC, Schiff anticipates a “bigger crash” is probably on the horizon.

As of the time of writing, the price of Bitcoin was trading at $62,943, indicating an over 7% decline in the past 24 hours. Its market cap is down more than 7%, while its trading volume holds steady increasing by 63% in the past day.

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