Data shows that as Bitcoin approaches its halving event in just 23 days, market watchers are paying close attention to its price dynamics during the consolidation period. The upcoming halving, scheduled for April, has sparked new bullish sentiment in 2024, which has been further fueled by the approval of a Bitcoin ETF in the United States. As mentioned earlier, mining rewards were cut from 6.25 BTC to 3.125 BTC in April, impacting Bitcoin supply and pricing. The surge pushed Bitcoin to a recent all-time high of $73,800, leading to gains in other major altcoins.
Long-term prediction: Bitcoin will hit $600,000
With his in-depth expertise and analysis, veteran trader Peter Brandt has fueled the Bitcoin craze by claiming that Bitcoin is one of his largest investment assets. Brandt’s advice is supported by charts illustrating Bitcoin’s past and current price cycles. It highlights the potential for a future breakout in BTC price, potentially reaching $200,000. The announcement comes as Bitcoin is in the midst of a consolidation phase, fueling massive breakout speculation amid changing market movements.
However, echoing similar sentiments, Michael van de Poppe also made a bullish prediction for Bitcoin’s price, predicting a range of $300,000 to $600,000.
Despite bullish market sentiment, Bitcoin price has been trading within a narrow range between $68,369 and $71,789 since March 26, reflecting a period of market consolidation. This volatility reveals uncertainty about Bitcoin's short-term price action, with traders keeping a close eye on key support and resistance levels for potential breakout opportunities.
