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After a four-year wait, the Bitcoin (BTC) halving event approached but did not kickstart a major rally. The cryptocurrency market continues to consolidate, offering a lower price buying opportunity before decentralized finance (DeFi) assets regain momentum.
Is It Time to Buy Bitcoin?
Renowned crypto analyst Michaël van de Poppe shared a post on April 23, indicating that boredom has returned to the markets and noted that Bitcoin has been consolidating within the same range for over six weeks.
Moreover, van de Poppe pointed out that every Bitcoin under the $60,000 level represents a significant buying opportunity. According to Poppe, a drop below this level should not be seen as a bad sign but rather as an opportunity to buy at the bottom before an inevitable price rally.
Analyst Comments on BTC
Another market analyst, TradingShot, mentioned that Bitcoin is at a critical price level, struggling to overcome and sustain above its all-time high resistance, while the ongoing horizontal consolidation could indicate an upcoming rise.
The analyst particularly noted that the consolidation phase faced by investors in the market usually precedes sharp and uninterrupted rallies, potentially moving BTC to new all-time highs and suggesting that Bitcoin could rise to $150,000 or even $300,000.
What is Bitcoin’s Current Price?
As of this writing, Bitcoin is trading at $66,700. This represents a 0.67% price increase from the last chart data on April 23. Additionally, the price movement highlights a 6.87% rise, while monthly charts show a 2.52% increase.
Bitcoin’s market cap has also grown similarly during this period, appearing to solidify its presence over $1.3 billion. Meanwhile, the 24-hour trading volume has decreased by 2%, now standing at $25 billion.
