- In October, Bitcoin’s rise has left the cryptocurrency markets eagerly anticipating the next moves in its charts.
- The latest analysis by Michaël van de Poppe places the BTC spot price in the range of $45,000 to $50,000 before the next halving event.
- It’s important to remember that past performance does not guarantee future results, but historically, the halving has been a significant event for Bitcoin.
Bitcoin price did well in the Uptober event; Now investors are wondering how to proceed before the Halving event: Poppe commented!
How Many Dollars Will Bitcoin Price Reach Before Halving?
The October rise in Bitcoin has left the cryptocurrency markets eagerly anticipating the next moves in its charts. Bitcoin, which was trading around $28,000 on crypto exchanges at the beginning of the month, is likely to finish October above $34,000. This represents a 21% increase in monthly investment returns compared to the price on October 1st. However, where will the world’s leading cryptocurrency chart its next move?
The latest analysis by popular cryptocurrency market analyst Michaël van de Poppe places the BTC spot price in the range of $45,000 to $50,000 before the next halving event. To reach the price level De Poppe anticipates by April, the technical analyst added that it would need to overcome the key resistance at $38,000, as he shared in a Twitter post.
The fourth Bitcoin halving is the latest in a series of events that occur every four years, cutting Bitcoin’s new supply in half. Historically, due to supply and demand economics, the coin’s trading price has followed a predictable pattern. The next halving is expected to take place in April.
It’s important to remember that past performance does not guarantee future results, but historically, the halving has been a significant event for Bitcoin. De Poppe also cites another reason for seeing further potential for BTC. He noted that the bull market, just recently thawed from the ‘Bitcoin winter’ in August, has been the longest in the history of the cryptocurrency markets.
Is the Altcoin Season Approaching?
During this time until April, De Poppe is positive about alternative coins (altcoins). He points out the recent strength in the altcoin market. The cryptocurrency analyst is not mistaken when looking at the charts. In terms of impressive gains, some meme tokens and DeFi coins have been among the top performers during the ‘Uptober’ cryptocurrency rally.
Peter Schiff, the founder and chief strategist of Euro Pacific Capital, expects the Bitcoin rally to fizzle out. Interestingly, he believes Bitcoin will experience a crash after gaining SEC approval for an ETF product.
David Lifchitz, Chief Investment Officer at digital asset fund ExoAlpha, mentioned that the CCI30 index follows Bitcoin. This index tracks the 30 largest cryptocurrencies by market capitalization, excluding stablecoins. Lifchitz suggested that while Bitcoin takes a break, altcoins could experience a ‘catch-up rally.’
