As Bitcoin (BTC) exceeded the $70,000 level for the first time in its 15-year history, more and more experts are trying to predict the potential of its correction.
Bitcoin (BTC), the largest cryptocurrency, established momentum where a new all-time high has been achieved, says seasoned analyst and trader Michaël van de Poppe. As Bitcoin (BTC) is approaching its fourth halving event in six weeks, the asset might be at a crossroads.
Van de Poppe shares three scenarios for BTC in the midterm: It could either reach $100,000 pre-halving, post-halving, or enter a correction phase with an “altcoin summer.”
Should a correction be in the cards for the orange coin, the analyst highlights $52,000 and $45,000 as potential support levels.
A number of more bearish scenarios include a further drop to mid-$30K zones or even lower.
As of press time, Bitcoin (BTC) is changing hands at $68,339 with a 1.24% upsurge in the last 24 hours. The net trading volume added 35% and exceeded $56 billion in equivalent.
Largely, the followers of van de Poppe are enthusiastic about Bitcoin (BTC) in the midterm and foresee growth of the asset before the halving.
The fourth Bitcoin (BTC) halving event is set to happen April 18; BTC mining rewards will drop to 3.125 coins per block.
In the last 24 hours, Bitcoin (BTC) jumped to $70,000 on some exchanges, but then retraced to $66,400. As such, both bulls and bears saw their positions liquidated.
Out of $105 million in erased Bitcoin futures, bears are responsible for $56 million in 24 hours, CoinGlass statistics say.