Crypto analyst Michaël van de Poppe says that Bitcoin (BTC) could shoot up over 70% in a move similar to 2015.
Van de Poppe tells his 162,000 YouTube subscribers that Bitcoin may be repeating a pattern in 2015 when Bitcoin remained in a sustained trading range before a big upside move ahead of the 2016 halving event.
The next halving event, which happens every four years, is expected in April 2024, when miners’ rewards are cut in half.
“You can see that we’re building a beautiful range, which means this is very much comparable to the price action we witnessed in 2015. Let’s go there. Here [in 2015] we had been establishing a range in sideways action for a long time, and couldn’t break through it until the pre-halving run took place.”
The trader says he is keeping a close eye on the 200-week exponential moving average (EMA), which he says is now acting as support. He suggests Bitcoin’s market correction is over and the king crypto will now retest range highs, which could send it more than 70% higher than its current value.
“I wouldn’t be surprised with a Bitcoin pre-halving to be as high as $45,000. That is most likely the case here…
The chances that we’re going to retest the 200-week EMA are relatively slim. So if we hold above a few crucial levels, I think we’re going to continue with the upward momentum.”
According to the trader, one likely scenario that could play out for Bitcoin is a rally to about $32,141 next month, a retest to about $28,700, followed by a breakout to higher levels.
Bitcoin is trading for $26,470 at time of writing, up 1.2% in the last 24 hours.
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