Crypto analyst Michaël van de Poppe has suggested that Bitcoin's (CRYPTO: BTC) price may soon experience a significant rebound, despite the waning hype surrounding the upcoming halving event.
What Happened: Van de Poppe took to X on Thursday to share his prediction. He noted that the current market conditions could pave the way for a price surge in the near future.
He wrote, "Pretty significant chance #Bitcoin will be bouncing from this area upwards for some relief. The hype is slowly fading away for Bitcoin as the halving is approaching and narratives will change."
Pretty significant chance #Bitcoin will be bouncing from this area upwards for some relief.
The hype is slowly fading away for Bitcoin as the halving is approaching and narratives will change. pic.twitter.com/D3JWVihXID— Michaël van de Poppe (@CryptoMichNL) April 18, 2024
Van de Poppe's forecast comes amid a period of market stabilization. Despite recent volatility, Bitcoin and Ethereum (CRYPTO: ETH) have both managed to bounce back above the $62,000 and $3,000 marks, respectively.
Additionally, the highly anticipated Bitcoin halving is just two days away, and analysts at 10x Research have suggested that the post-halving scenario may not necessarily mirror the pre-halving frenzy.
Why It Matters: The Bitcoin halving event, which occurs approximately every four years, is a significant milestone for the cryptocurrency. The event involves a 50% reduction in the rewards miners receive for validating transactions, ultimately impacting the supply of new Bitcoins entering the market.
Historically, halving events have been associated with significant price movements in Bitcoin, making them a focal point for investors and analysts.
Despite the recent market volatility, some industry experts remain bullish on Bitcoin's long-term prospects. Anthony Scaramucci, the founder of SkyBridge Capital, recently suggested that Bitcoin could reach $200,000 per coin following the halving, while a Fidelity director highlighted the potential for even a small investment in Bitcoin to create generational wealth.
Price Action: According to data from Benzinga Pro, Bitcoin is presently trading at $63,103, representing a decrease of 0.65% over the last 24 hours. However, it has surged by 42.86% since the beginning of the year.