Crypto analyst Michaël van de Poppe, known for his insightful predictions, recently took to X (formerly Twitter) to share his thoughts on the future of Bitcoin (BTC). Van de Poppe\'s tweet has sparked excitement and intrigue among crypto enthusiasts, as he offered a glimpse into what may lie ahead for the world\'s most popular cryptocurrency.
Van de Poppe tweeted that the Bitcoin price was stuck in a range, and the markets were in equilibrium. He mentioned that he would be looking at the range-bound construction for the coming months and forecasted a prehalving final run toward $48,000, followed by consolidation before the breakout toward an all-time high in Q3/Q4 of 2024.
#Bitcoin stuck in a range, markets are in an equilibrium.
I\'d be looking at the range-bound construction for the coming months.
Pre-halving a final run towards $48K, after that consolidation, before the breakout towards an ATH in Q3/Q4 of 2024. pic.twitter.com/jZznulSiwJ
— Michaël van de Poppe (@CryptoMichNL) February 5, 2024
Bitcoin price rebound scenario
The next Bitcoin halving event is expected to take place in April 2024. Historically, these events have led to increased scarcity and a subsequent surge in Bitcoin\'s price. Van de Poppe\'s prediction aligns with the idea that Bitcoin\'s price could experience significant growth in the wake of the 2024 halving event.
Meanwhile, Bitcoin\'s current all-time high stands at an impressive $69,044, a record achieved in 2021. Van de Poppe\'s prediction suggests that Bitcoin could reach new heights surpassing this previous peak, which would undoubtedly attract the attention of investors and enthusiasts worldwide.
As of the latest available data, the current price of Bitcoin is $43,088, reflecting a 0.23% increase in the last 24 hours. Furthermore, Bitcoin\'s 24-hour trading volume has seen a notable uptick, surging by 20.81% and currently standing at a substantial $15,587,716,556. These statistics indicate renewed interest in Bitcoin trading activity.
CoinGlass data reveals that open interest in Bitcoin has seen a significant increase of 3.56%, currently standing at $18.19 billion. Notably, leading exchange Binance holds the lion\'s share of this open interest at $3.39 billion, followed closely by Bybit at $2.58 billion, and Bitget at $1.16 billion. This signifies the growing interest of institutional and retail investors in Bitcoin.
Overall, the community is eagerly anticipating the potential for Bitcoin to reach new heights in 2024. Michaël van de Poppe\'s prediction of a prehalving surge to $48,000 and an eventual breakout toward an all-time high in late 2024 has sparked excitement and optimism among Bitcoin enthusiasts.