The cryptocurrency market currently shows signs of consolidation, which is reflected in the weekly candlestick charts. This situation is leading to a slow and predominantly sideways movement in the price of Bitcoin (BTC). Nevertheless, renowned cryptocurrency analyst Michael van de Poppe expects Bitcoin to rise and surpass the $70,000 threshold this week.
Bitcoin’s $70,000 Forecast
Van de Poppe’s bullish forecast for Bitcoin is based on weekly candlestick formation analysis. The analyst notes that Bitcoin is currently in a consolidation phase and expects it to test levels above $70,000, driven by strong market momentum and increasing investor confidence.
Recent developments in the cryptocurrency market, such as Spot Bitcoin ETFs seeing high inflows of $91.6 million on March 24th, are contributing to the positive sentiments surrounding Bitcoin. While BlackRock’s spot Bitcoin ETF IBIT saw the lowest net inflow to date, the $61 million inflow into GBTC helped alleviate some negative sentiments towards spot ETFs.
In support of Van de Poppe’s optimism, leading cryptocurrency analyst Mister Crypto highlighted that Bitcoin has broken out of a descending triangle formation on the 4-hour chart. This breakout suggests that Bitcoin could retest its all-time high peak level of $73,750 this week, reinforcing the bullish outlook.
Expectations Rise for Altcoin Market
Amid Bitcoin’s potential rally, Van de Poppe shifts his focus to the altcoin market, indicating a broader market consolidation. According to the analyst, the altcoin market, which recently emerged from a consolidation phase and surpassed a market value of $1.125 trillion, faces significant days ahead. As Bitcoin’s block reward halving approaches, analysts like Van de Poppe predict it will impact the altcoin market and potentially trigger a market-wide rally.
Analysts’ forecasts underscore the positive outlook for the cryptocurrency market, continuing to offer promising opportunities for both traders and investors. The cryptocurrency market, with Bitcoin gearing up for a potential breakout and altcoins showing signs of strength, seems to be preparing for more excitement and potential gains in the short term.
