Crypto analyst Predicts Bitcoin Consolidation and Identifies Altcoin Bottom
Popular crypto analyst Michael van de Poppe shared his predictions on Bitcoin performance as the halving approaches. According to the analyst, BTC will likely consolidate at its current price to support levels around $51,000 and $46,000 as the altcoin bottom forms.
The period of boredom for #Bitcoin, which is eager to consolidate here.
Overall, I'm expecting this won't change for the coming months, but I think we're at the altcoin bottom. pic.twitter.com/hxR5jICTDX
- Michael van de Poppe (@CryptoMichNL) April 18, 2024
These predictions come amid increased price volatility in the crypto market as the Bitcoin halving approaches.
Van de Poppe Believes Bitcoin Will Consolidate as Altcoins Form Bottom on ChartVan de Poppe believes that Bitcoin has slipped into a boredom period and will consolidate at the current price level. Notably, Bitcoin's price at 4:59 a.m. EST is $64,595, with a 5.3% increase in the past 24 hours.
Based on his analysis, the daily Relative Strength Index (RSI) shows irregular movement. This implies that Bitcoin might remain in the current price range.
Van de Poppe believes that Bitcoin will remain stagnant for a while. He identified key price levels to watch out for between $51,000 and $52,000 and from $45,000 to $47,000. Also, the analyst identified close support at $60,748, which could prevent a further price decline for Bitcoin.
In an earlier analysis of the altcoin market, Van de Poppe believes that the current decline in the market value of altcoins presents great buying opportunities. He believes that investments are best made during a dip and not when the market is in an uptrend.
Additionally, he created a list of the top ten altcoins to buy during the dip. Some popular tokens included are Chainlink (LINK) and Cosmos (ATOM).
CryptoMoon Tips Bitcoin to Rally AgainMeanwhile, another analyst, CryptoMoon, is quite bullish on Bitcoin, revealing his sentiments in a chart. According to the analyst, Bitcoin is displaying bullish signs and will hopefully break above the bull market support band.
- CryptoMoon (@CryptoMoon2030) April 18, 2024
He also noted that Bitcoin closed a very bullish candle on the four-hour timeframe. Based on this observation, CryptoMoon believes that it will rally again once BTC moves above the 50-day Exponential Moving Average (EMA).
According to the analyst, a break above the 0.618 Fibonacci level will confirm Bitcoin's recovery rally.Remarkably, BTC has rallied in the last 24 hours and will likely soon test the April 13 high of $67,789.
How is BTC Faring Today?
Bitcoin has formed two consecutive green candles on the daily chart as the buyers return to force a rally.Although BTC is still trading below the 50-day Simple Moving Average (SMA), it is above the 200-day SMA. This implies that despite the volatility, Bitcoin remains bullish.
Also, the Relative Strength Index (RSI) indicator is in the neutral zone and rising with a value of 46.94. If the RSI rises above 50, then the buyers have regained control of the market.
Bitcoin has found support at the $63,284 price level and is rising to test the $65,880 resistance level.
A break above this level will send BTC above $70,000 and close to its all-time high. Therefore, BTC will likely rally in the coming days based on the excitement surrounding its halving.
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