Bitcoin (BTC) has entered a recovery mode, which Michael van de Poppe believes might serve as a major rebound toward retesting its All-Time High (ATH).
March has been a historic month for Bitcoin in relation to price. Since February, Bitcoin has traded within two major extremes, including the $50,836 low of February 24 and the ATH of $73,750.
Following this massive move, the premier digital currency has proven to be prone to sharp fluctuations even with spot Bitcoin ETF now fully live.
Attaining the ATH marked a temporary cliff and Bitcoin recorded an accompanying correction that pushed its price to $61,164, down 7.36% over the past week. However, the current outlook shows something bullish is brewing.
Is Bitcoin Returning To Bull Run?
Following the drop to the $61,164 low, Bitcoin’s price is now in recovery mode, with a 6.2% jump in 24 hours to $67,359. According to Michael van de Poppe, Bitcoin is initiating the continuation of its rally at the moment.
He noted that the coin is likely to consolidate at its current price point. Citing the accompanying chart, the analyst noted that should Bitcoin fail to break above the $70,300 resistance zone, then it might print a drop to the support range between $59,000 and $60,700, with the lower spectrum about 20% down from the ATH.
Massive bounce on #Bitcoin initiating continuation here.
I think we'll be consolidating, and, given the strong bounce, have another run to the all-time high pre-halving. pic.twitter.com/CfPbnNOJTS
— Michaël van de Poppe (@CryptoMichNL) March 21, 2024
However, if the bullish conditions play out as projected, van de Poppe sees the price of Bitcoin retesting the ATH before the next BTC halving event in 30 days.
Spot Bitcoin ETF Influence
It is worth noting that the major fundamental catalyst behind BTC’s rally, the spot ETF embrace, is still a key factor to watch out for. With BlackRock, Fidelity Investments, and Bitwise still recording steady inflows, experts project that Bitcoin’s growth might be relatively stable in the mid to long-term.
Historically, the Bitcoin halving event typically has a good impact on price, and the sentiment, complimented by institutional acquisition, might help validate Michael van de Poppe’s projections.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
