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The leading cryptocurrency Bitcoin (BTC) experienced a drop of approximately 7% last week, which a popular crypto analyst mentioned as part of the correction process. The analyst shared his thoughts on what might be in store for BTC moving forward.
Current State of BTC Before the Halving
Cryptocurrency expert Michael van de Poppe suggested on social media that the recent decline in BTC’s price could be a result of the peak before the halving. The analyst stated:
Consolidation continues on Bitcoin. I don’t expect much show from Bitcoin. If it does, it has to surpass $70,300. There’s time to reach all-time highs, but I still suspect we’re seeing a pre-halving peak. Just like any other cycle.
BTC halving refers to the quadrennial event where Bitcoin mining rewards are halved. The next halving is expected to occur next month. According to the senior analyst, BTC’s current price chart resembles the 2016-2017 cycle chart. The expert further explained:
Bitcoin’s price action can somewhat be compared to the 2016-2017 cycle. A peak was reached four weeks before the halving. Consolidation and another correction follow, then a slow upward movement until acceleration six months later.
Long-Term Outlook for BTC
Van de Poppe also claimed that the correction in BTC only strengthens the bullish thesis, saying:
Bitcoin is still correcting. My main thesis is that we’ve seen the pre-halving excitement and will have a long, massive bull market. Any dips are a buying opportunity. I’m also interested in buying dips in altcoins.
At the time of writing, Bitcoin, the flagship of the crypto markets, was trading at $63,873, down 4% in the last 24 hours.
