Bitcoin Consolidation A Case Of 'Peaking Pre-Halving:' Analyst Says King Crypto Has A 'Long, Massive Bull Market Ahead'

Rounak Jain

March 23, 2024

King Crypto Bitcoin (CRYPTO: BTC) has experienced a nearly 7% drop over the past week. However, a prominent crypto analyst suggests that this correction is part of a larger cycle.

What Happened: MichaÃ«l van de Poppe, a well-known cryptocurrency analyst, has shared his insights on Bitcoin’s recent price movements.

Van de Poppe believes that the recent downward trend in BTC may be linked to the upcoming halving event.

“The consolidation on Bitcoin continues. I don't think we'll see much spectacle coming from Bitcoin; if we do, it will need to break $70,300."

See Also: Shiba Inu Blockchain Shibarium's Meme Coin DAMN Leads Board With 22% Single Day Gains

He added that the current consolidation is a case of "peaking pre-halving. Just like any other cycle," even though there is potential for Bitcoin to chart new all-time highs in the near future.

The consolidation on #Bitcoin continues.

I don't think we'll see much spectacle coming from Bitcoin; if we do, it will need to break $70.3K.

Above, there is time for new ATHs, but I suspect we're still seeing the case of peaking pre-halving.

Just like any other cycle. pic.twitter.com/1N1Z0JW4sj
— MichaÃ«l van de Poppe (@CryptoMichNL) March 22, 2024

The halving event, which occurs every four years, involves a reduction in Bitcoin’s mining rewards. The next halving is expected to take place next month.

Van de Poppe compared BTC’s current price chart to that of the 2016-2017 cycle, suggesting that the current correction could be a prelude to a significant upward trend.

Despite the recent correction, Van de Poppe remains bullish on Bitcoin, stating,

"My main thesis is that we've seen the pre-halving hype and that we're going to have a long, massive bull market."

#Bitcoin still correcting down.

My main thesis is that we've seen the pre-halving hype and that we're going to have a long, massive bull market.

Anything in the lower boundaries -> buy opportunity.

Interested in buying dips on altcoins too. pic.twitter.com/w7WZyGppNk
— MichaÃ«l van de Poppe (@CryptoMichNL) March 22, 2024

Why It Matters: The recent correction in Bitcoin’s price comes amid significant developments in the cryptocurrency market.

Earlier this week, major cryptocurrencies experienced a mixed trading session, following a drop in weekly jobless claims.

Renowned investor Cathie Wood projected a staggering price target for Bitcoin, suggesting the cryptocurrency could reach $3.8 million by 2030.

Despite the recent correction, analysts remain optimistic about the future of Bitcoin and other cryptocurrencies.

A bullish forecast released by a popular analyst predicts significant growth for Bitcoin and altcoins by the end of 2025.

Price Action: Bitcoin was trading at $64,718, down 2.36% in the last 24 hours, according to Benzinga Pro.

Read Next: ‘Rich Dad Poor Dad’ Author Says Foolish And Desperate China Is In Trouble

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

Photo courtesy: Shutterstock

Recommended

Legendary Stockpicker: "Buy This A.I. Stock NOW" - Ad

Biden's Closed-Door AI Meeting - Ad

MUST SEE By May 1: Beware Biden's Trojan Horse - Ad

NEW YORK (AP) — Macy's said Wednesday it has named two independent directors to its board that were pushed by activist investor Arkhouse Management, ending a proxy fight that aimed to replace most of the board and to acquire the iconic chain.

Donald Trump Could Still Win Even If He Loses In Supreme Court Over Presidential Immunity Claim

Former President Donald Trump could see a strategic victory in his Supreme Court case, even if the court dismisses his claim regarding presidential immunity.

"America's No. 1 Retirement Stock" (Name Inside)

"America's No. 1 Retirement Stock" (Name Inside) - Ad

According to the former Goldman Sachs VP -- who wrote a best-selling book on retirement -- one single stock stands head-and-shoulders above all others. And it should be the cornerstone of your portfolio. Have you heard of it?

Delta Flight Returns To Atlanta After Takeoff: Boeing 757 'Yawing Aggressively'

Delta Air Lines flight from Atlanta to Ft. Lauderdale diverted back to Atlanta due to Boeing 757 yawing aggressively.

Jim Cramer Explains What Could Trigger Further Market Decline: 'If You Want To Get Out, Go Ahead ...'

CNBC host Jim Cramer has outlined potential factors that could lead to further market decline, advising investors to be cautious about their buying and selling decisions.

Small A.I. Firm Wins $2 Billion in Contracts for Breakthrough "Living Software"

Small A.I. Firm Wins $2 Billion in Contracts for Breakthrough "Living Software" - Ad

Denver firm proves its possible to use AI to save the lives of soldiers in combat. England, Germany, Japan and Australia have all signed contracts within the past 18 months.

5 cars from the Beijing auto show that reflect China's vision for the future of driving

BEIJING (AP) — China's vision of the future of the automobile — electrified and digitally connected — is on display at the ongoing .

Move Over Nvidia: Experts Bullish On Intel's AI Chip, Predict Surge In These Three Global Stocks

Charlie Chan and his team at Morgan Stanley forecast that the total Gaudi shipment volume could hit 300-400k units in 2025, generating $2-3bn revenue for Intel.

Crypto Reboot Finally Makes An 8,788% Return Possible [NOT Bitcoin]

Crypto Reboot Finally Makes An 8,788% Return Possible [NOT Bitcoin] - Ad

A crypto millionaire is revealing that a different cryptocurrency is going to do even better... It's not simply "buy the dip." Instead, it's a strategy that James learned during the dot com stock market crash. Not only has this strategy worked in a crash... it needs a crash to work best.

NY AG Letitia James Seeks To Void Trump's $175M Bond In Civil Fraud Case

The New York Attorney General Letitia James' office has moved to invalidate the $175 million bond secured by former President Donald Trump.

Gene Munster Applauds Sundar Pichai's $100B Revenue Projection For Google Parent Alphabet: A Sign Of 'Entering A New Growth Phase'

During Alphabet Inc.'s first quarter earnings, CEO Sundar Pichai projected that the company's YouTube and Cloud divisions would collectively reach a $100 billion revenue milestone by 2024.

A.I. Pioneer Warns: "I thought we had more time..."

A.I. Pioneer Warns: "I thought we had more time..." - Ad

A radical new A.I. development is about to blindside millions of Americans. This early A.I. pioneer just issued an urgent warning explaining everything.

Elizabeth Warren Says Trump Had Only 2 Accomplishments As President: 'Huge Difference Between' Biden, Trump

Elizabeth Warren thinks Donald Trump only accomplished two things when he was president and neither is highlighted as a positive by the senator.

General Motors And Ford Are Facing The Same Challenge As They Run Back To Gas-Powered Trucks

General Motors (NYSE: GM) and Ford Motor (NYSE: F) will report their first quarter results next week.

Jeff Bezos' Next Trillion Dollar Bet (shocking)

Jeff Bezos' Next Trillion Dollar Bet (shocking) - Ad

Wall Street legend has just uncovered one tiny Maryland company that could become the next Nvidia. Few in the media are talking about this story yet...but in the next 6 months that's all they'll talk about.

RTX Soars Above Estimates in Q1, Reiterates FY24 Outlook

RTX Corporation (NYSE: RTX) reported 12% increase in Q1 FY24 net sales to $19.3 billion, beating consensus. Collins Aerospace and Pratt & Whitney drove the growth.

If O.J. Simpson's assets go to court, Goldman, Brown families could be first in line

LOS ANGELES (AP) — without having paid the lion’s share of the $33.5 million judgment a California civil jury awarded to the families of his ex-wife Nicole Brown Simpson and her friend .

Bitcoin Gained 164% in 2023 but Crypto Millionaire Abandoned It for This

Bitcoin Gained 164% in 2023 but Crypto Millionaire Abandoned It for This - Ad

A certain crypto genius and millionaire has been praising Bitcoin since it was trading for $61. Even though it gained 164% last year, he's now recommending a different cryptocurrency. In fact, he's betting his own money on and buying it like crazy.

Hochul announces budget outline as lawmakers continue to hash out details

ALBANY, N.Y. (AP) — New York Gov. Kathy Hochul on Monday announced the framework of a $237 billion that includes broad plans to drive new housing construction, address the influx of migrants and crack down on .

Apple CEO says that he wants to increase investments in Vietnam

HANOI, Vietnam (AP) — Apple CEO Tim Cook said Tuesday that he wants to further increase investment in Vietnam a day after the company announced it would spending on suppliers in the Southeast Asian manufacturing hub.

Defi Coin Triggers All "Buy" Signals and Could Break Out Soon

Defi Coin Triggers All "Buy" Signals and Could Break Out Soon - Ad

Some are calling this the most promising DeFi project since Ethereum itself. Here's the #1 DeFi Coin Set to Soar. While Bitcoin grabs headlines, this lesser known DeFi coin is quietly gearing up for a monster rally. Experts say now is the time to buy before it reaches escape velocity.

Elon Musk Gets Fresh Challenge In His X Plans As Naval's Airchat App Begins Making Buzz

AngelList co-founder Naval Ravikant has launched a new social media app called Airchat, to take on Elon Musk's hate speech-inundated X.

An NPR editor who wrote a critical essay on the company has resigned after being suspended

NEW YORK (AP) — A National Public Radio editor who wrote an essay criticizing his employer for promoting liberal views resigned on Wednesday, a day after it was revealed that .

America's Final Republican President

America's Final Republican President - Ad

Louis Navellier believes Donald J. Trump could go down as America's last Republican president. But NOT for the reasons you may think... If he's right, the soul of this country will change forever...

Germany's Scholz calls for fair competition and warns against dumping during China visit

BEIJING (AP) — German Chancellor Olaf Scholz called for fair competition in trade relations with China while warning about dumping and overproduction as he spoke to students in Shanghai on Monday.

Why Media Company Omnicom Shares Are Trading Higher Premarket Today

Omnicom Group reported 5.4% revenue growth, with organic growth of 4.0%. Adjusted EPS beat expectations.

The A.I. Story Nobody is Telling You (Read ASAP)

The A.I. Story Nobody is Telling You (Read ASAP) - Ad

There's been a lot of buzz surrounding A.I. over the past couple of years -- but there's only ONE story you should be worried about. Whether you have $500 or $500,000, this radical new A.I. Innovation will have a direct impact on your wealth.

Kurdish separatists and water issues loom large in long-awaited Erdogan visit to Iraq

BAGHDAD (AP) — Turkish President Recep Tayyip Erdogan was set to make his first official visit to Iraq in more than a decade on Monday as his country seeks greater cooperation from Baghdad in its fight against a Kurdish militant group that has a foothold in northern Iraq.

Jim Cramer Turns Bullish On Palantir: 'Make A Move And Buy Some'

CNBC’s “Mad Money” host Jim Cramer has given a thumbs up to Palantir Technologies Inc. (NYSE:PLTR), sparking interest among investors.

One Crypto Can Change Your Financial Life

One Crypto Can Change Your Financial Life - Ad

The catch is you won't be able to become a millionaire by buying Bitcoin today. There are five little-known coins I've discovered that I believe will skyrocket over the course of the next few months.

FBI Chief To Warn Congress Of Potential Coordinated Attack In US Similar To Russia Massacre: 'Threats To Our Public Safety And National Security...So Elevated'

FBI Director Christopher Wray is expected to raise concerns about the possibility of a coordinated attack in the United States, similar to the recent massacre in Russia, in a congressional hearing on Thursday.

Former Trump Attorney Vows To Cease Public Criticism Of Ex-President Until Hush-Money Trial Is Over

Legal experts voiced concerns about Cohen's ongoing public commentary on the case.

Time to Sell NVDA? 50-Yr Wall Street Legend Weighs In

Time to Sell NVDA? 50-Yr Wall Street Legend Weighs In - Ad

If you currently own NVIDIA (NVDA)... Or were thinking of buying it in the weeks ahead... I urge you to review my recent interview before you move your money. There's a BETTER AI stock to buy than NVDA right now, especially in the coming $7 trillion A.I. boom.

Why Windtree Therapeutics (WINT) Stock Is Getting Hammered

Windtree Therapeutics shares are trading lower by 30% during Thursday's session. The company announced it approved a 1-for-18 reverse stock split of its common stock.

EU releases blocked funds of $6.7 billion to Poland as part of its post-pandemic recovery package

WARSAW, Poland (AP) — disbursed 6.3 billion euros (about $6.7 billion) to Poland as a part of the 27-nation bloc's post-pandemic recovery fund, the biggest single transfer ever to the country, a government minister said Monday.

"If I Had To Pour Every Single Penny of My Retirement Into Just ONE STOCK..."

"If I Had To Pour Every Single Penny of My Retirement Into Just ONE STOCK..." - Ad

The former Goldman Sachs VP -- who called everything from Microsoft's 1,100% surge... to the death of the 60/40 portfolio -- is now stepping forward with his most explicit message yet: "Make this ONE STOCK the cornerstone of your portfolio."

EXCLUSIVE: Industry Leaders Predict How The Bitcoin Halving Impacts Prices And Mining

As the cryptocurrency world braces for the upcoming Bitcoin halving, industry leaders told Benzinga they expect significant market shifts, voicing concerns over mining centralization.

Tens of thousands of Colombians protest against the leftist president's reform agenda

BOGOTA, Colombia (AP) — Thousands of Colombians took to the streets Sunday in the latest rebuke of leftist President Gustavo Petro's reform agenda.

The Next Nvidia?

The Next Nvidia? - Ad

Elon Musk's The Boring Company Faces Violations Over Las Vegas Tunnel Expansion For Endangering Monorail: Report

Elon Musk's The Boring Company has been issued multiple violations by Clark County for its Las Vegas tunnel expansion project.

Trending Now

One Coin to Rule Them All... - Ad

The No. 1 Crypto for 2024 - Ad

CRITICAL May 1st Warning - Ad

American Battery Optimizes Lithium Project; Steel Dynamics Reports Q1 Results; Gold Royalty Teams Up With Taurus Mining And More: Wednesday's Top Mining Stories