Bitcoin (BTC) is currently in a phase of recovery, and according to Michael van de Poppe, this could potentially lead to a significant rebound and a retest of its All-Time High (ATH).
The month of March has been a notable one for Bitcoin in terms of price movement. Since February, Bitcoin has experienced two significant extremes, reaching a low of $50,836 on February 24 and an ATH of $73,750.
Following this significant surge, Bitcoin saw a correction that brought its price down to $61,164, a decrease of 7.36% over the past week. However, the current outlook suggests that there is a bullish trend developing.
After hitting the low of $61,164, Bitcoin’s price is now on a path to recovery, with a 6.2% increase in the span of 24 hours, bringing it up to $67,359. Michael van de Poppe believes that Bitcoin is now beginning to continue its rally.
According to the analyst, Bitcoin is likely to consolidate at its current price level. Looking at the accompanying chart, van de Poppe suggests that if Bitcoin fails to break above the $70,300 resistance zone, it could experience a drop to the support range between $59,000 and $60,700, with the lower end representing a 20% decrease from the ATH.
However, if the bullish conditions persist, van de Poppe predicts that Bitcoin’s price could retest the ATH before the next BTC halving event, which is set to occur in 30 days.
It’s important to note that the recent introduction of the spot Bitcoin ETF has been a significant catalyst for Bitcoin’s rally. With BlackRock, Fidelity Investments, and Bitwise all experiencing steady inflows, experts believe that Bitcoin’s growth could remain relatively stable in the medium to long-term.
Additionally, the Bitcoin halving event has historically had a positive impact on price, and when combined with institutional acquisitions, it further supports Michael van de Poppe’s projections.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. The views expressed in this article are solely those of the author and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic is not responsible for any financial losses incurred.