Recent analyses from leading cryptocurrency experts suggest that Bitcoin will experience volatility in the lead-up to the upcoming halving event. Despite the long-term bullish trend, short-term market fluctuations have raised investor concerns. Michael Van De Poppe, CEO of MN Trading Ventures, highlighted Bitcoin’s current consolidation phase, indicating that it maintains a steady range. However, he pointed out that altcoins have been under considerable pressure over the past three months, leading to what he describes as “massive undervaluation.”
#Bitcoin consolidating, through which the range is still constructed.#Altcoins have been suffering massively in the past three months, and as a result, are remaining to be heavily undervalued. pic.twitter.com/qUvVA7Vs8c
— Michaël van de Poppe (@CryptoMichNL) April 10, 2024
Bitcoin’s Market Outlook
Crypto analyst Alpha dōjō has recently provided an in-depth analysis of Bitcoin’s market dynamics, offering insights into order books, heatmaps, and futures data that paint a comprehensive picture of the current state of affairs. According to Alpha dōjō, Bitcoin has faced notable challenges in maintaining its position above the crucial $70k threshold. A significant sell-off ensued, undermining the momentum and sending prices back to levels seen before the attempted breakout. This situation highlights concerns regarding the cryptocurrency’s short-term trajectory.
gm and eid mubarak! Time for your daily bitcoin update: orderbook, heatmaps & futures data!1) BTC's failure to hold the crucial $70k area yesterday, followed by a strong sell-off, has brought us back to the level before the breakout attempt. This is not a good sign and… pic.twitter.com/Km5hW9BcxJ
— alpha dōjō (@alphadojo_net) April 10, 2024
Despite these immediate hurdles, the analysis adopts a notably more optimistic tone when considering the Higher Time Frame (HTF) outlook. This perspective underscores a sustained upward trend over the long term, suggesting resilience in *BTC* value. The impending Bitcoin halving event, a notable marker in the cryptocurrency’s calendar, is expected to introduce a period of heightened volatility and speculation, reflecting patterns observed in past events. Such phases of erratic price movements call for vigilance among market participants, given the potential for significant gains and losses.
Further examination of the market’s positioning through heatmap data reveals an intriguing scenario where bullish sentiment prevails. A discernible scarcity of liquidity above the current price level hints at fewer obstacles for upward price movements. In contrast, a substantial pool of liquidity found at the $65k mark could provide a strong foundation of support, indicating a strategic anticipation of bullish trends by the market.