finbold.com
For two consecutive quarters, Bitcoin (BTC), the world’s premier cryptocurrency, has been increasingly trading higher nearly tripling its price in six months’ time.
March has, however, proven that $70,000 per BTC is a tough level to hold, and, after hitting $73,000 – a new all-time high (ATH) – early in the month, the coin has been going through significant oscillations.
While the onset of April brought, for the most part, the expectations of new and ever-greater ATHs, mostly due to the upcoming Bitcoin halving, one expert pointed out that the direction for the cryptocurrency is not yet entirely set.
Crypto expert set Bitcoin’s crucial price points
Indeed, while BTC is ‘quietly consolidating,’ at the time of publication, should its next big move send it below the support level of $67,000, a downtrend could start in earnest, according to an April 1 X post by the crypto expert Michaël van de Poppe.
Indeed, should Bitcoin witness a drop below the price, there is no telling how far it may collapse before the investors’ fears of a crash get overpowered by the newly presented value buying opportunity.
On the one hand, recent volatility demonstrates that BTC retains significant support slightly above $60,000 rendering a greater drop unlikely, historic examples also show that the cryptocurrency can fall multiple tens of thousands of dollars within months – much like it can manage a similar surge.
Finally, while the expectations that Bitcoin price will see a significant rise after the halving are strongly rooted in its past performance, it is notable that this event is the first to have featured a new BTC ATH in its leadup, thus somewhat shaking the analysts’ ability to make parallels.
Finally, van de Poppe’s post wasn’t ultimately bearish as it simultaneously estimated that, should Bitcoin surge above $71,700 as its next big move, an uptrend is likely to be confirmed.
While it has slowed down in recent weeks being 11.40% in the green in the last 30 days, and down 1.14% on the daily chart, it has – with the press time price of $69,437 – so far handily managed to remain in the range between its previous and current ATHs.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.