Popular cryptocurrency analyst Michael Vanderpop Shared his predictions for Bitcoin’s performance as the halving approaches. The analyst said that as an altcoin bottom forms, BTC may consolidate towards support levels around $51,000 and $46,000 at current prices.
The boring period is #bitcoineager to consolidate here.
Overall, I don’t expect this to change in the coming months, but I think we are at an altcoin bottom. pic.twitter.com/hxR5jICTDX
— Michael van der Poppe (@CryptoMichNL) April 18, 2024
These predictions come as price volatility in the cryptocurrency market increases as the Bitcoin halving approaches.
Van de Poppe believes Bitcoin will consolidate as altcoins form bottom on charts
Vanderpop It is believed that Bitcoin has entered a boring period and will consolidate at current price levels.Notably, Bitcoin’s price at 4:59 a.m. ET was $64,595, It increased by 5.3% in the past 24 hours.
According to his analysis, the daily relative strength index (RSI) shows irregular fluctuations. This means that Bitcoin is likely to remain within its current price range.
Van de Poppe believes that Bitcoin will remain stagnant for some time. He identified key price levels to watch as $51,000 to $52,000 and $45,000 to $47,000. Additionally, analysts identified close support at $60,748, which could prevent Bitcoin prices from falling further.
in earlier analyze Regarding the altcoin market, Van de Poppe believes that the current decline in the market value of altcoins brings huge buying opportunities. He believes that investing is best done when the market is falling rather than when it is trending upward.
Additionally, he has compiled a list of the top 10 altcoins to buy during the dip. Some of these popular coins include Chainlink (LINK) and Cosmos (ATOM).
CryptoMoon prompts another Bitcoin rally
Meanwhile, another analyst said, crypto moon, He is very bullish on Bitcoin and expressed his views in a chart.according to analyst, Bitcoin is showing bullish signs and is expected to break out of the bullish support band.
— CryptoMoon (@CryptoMoon2030) April 18, 2024
He also noted that Bitcoin closed a very bullish candle on the four-hour time frame. Based on this observation, CryptoMoon believes that once BTC breaks above the 50-day exponential moving average (EMA), it will rebound again.
The analyst said that a breakout of the 0.618 Fibonacci level would confirm Bitcoin’s recovery rally. Notably, BTC has risen over the past 24 hours and may soon test the April 13 high of $67,789.
How is Bitcoin doing today?
Bitcoin formed two consecutive green candles on the daily chart as buyers returned to fuel the rally. Although BTC remains below the 50-day simple moving average (SMA), it is above the 200-day SMA. This means that despite the volatility, Bitcoin remains bullish.
Furthermore, the Relative Strength Index (RSI) indicator is in the neutral zone and rose to 46.94. If the RSI rises above 50, buyers regain control of the market.
Bitcoin found support at the $63,284 price level and is rising to test the $65,880 resistance.
A break above this level would take BTC above $70,000 and closer to all-time highs. Therefore, Bitcoin may rise in the coming days based on the halving excitement.
