Bitcoin Relief Imminent as Halving Approaches, Analyst Says
A well-known cryptocurrency analyst is predicting that Bitcoin will experience some relief as the highly anticipated halving event draws near. The halving, which occurs every four years, cuts mining rewards for Bitcoin in half.
Analysts and experts are speculating that the next halving could take place within the next few days or even hours. One analyst, Michaël van de Poppe, took to the social media platform X to inform his 712,800 followers that Bitcoin has a promising opportunity to bounce back from its current position around $61,000.
Van de Poppe believes that the hype surrounding Bitcoin is gradually fading as the halving approaches, and this shift in narrative could be beneficial for the cryptocurrency.
With Bitcoin currently trading near $64,000, the analyst suggests that the king crypto is rebounding according to plan. He expressed his satisfaction with the response from the lower range and stated that things are looking great for Bitcoin on the halving day.
At the time of writing, Bitcoin is valued at $63,699, reflecting a 0.4% increase in the last 24 hours. Shifting focus to altcoins, Van de Poppe suggests that the bear market for these cryptocurrencies may already be coming to an end.
He notes that the altcoin bear market has persisted for three years but believes that the bottom may have been reached last week. In particular, Van de Poppe highlights the blockchain oracle altcoin Chainlink as being well-positioned for trading against Bitcoin.
Chainlink is currently valued at 0.00022 BTC ($13.78), representing a 1.6% increase in the last 24 hours.
To stay up-to-date with the latest news, readers are encouraged to subscribe to receive email alerts directly to their inbox. They can also follow The Daily Hodl on Twitter, Facebook, and Telegram or visit The Daily Hodl Mix for more information.
Disclaimer: The opinions expressed in this article are not investment advice. Investors should conduct thorough research before engaging in high-risk investments involving Bitcoin, cryptocurrency, or digital assets. Please note that all transfers and trades are conducted at the individual’s own risk, and any losses incurred are their responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it provide investment advice. It is important to note that The Daily Hodl participates in affiliate marketing.
Image: Shutterstock/diversepixel
