Bitcoin (BTC), the first cryptocurrency built on blockchain technology reached an all-time high of $73,737 on March 14, according to CoinGecko data.
The positive price discovery was fueled
by many factors, including the increasing institutional interest in BTC, the fast-approaching fourth bitcoin halving, and rising spot bitcoin exchange-traded fund (ETF) inflows amongst others.
However, the king cryptocurrency has been retracing since it clinched a new all-time high (ATH) last week. With the fourth Bitcoin halving event just about four weeks away, different projections have been put forward by several crypto traders, analysts and investors regarding BTC's price movement.
Notably, the fourth Bitcoin halving event is expected to occur in April 2024. For the uninitiated, it is a pre-programmed event on the Bitcoin blockchain designed to occur after every four years. Moreover, it is an event where the rewards issued to BTC miners for block productions are reduced by half.
While some believe BTC could rally above $80,000 before halving, top analyst Micheal van de Poppe submitted that the largest cryptocurrency by market cap may have already captured most of its upside pre-halving.
According to him, $73,737 may be BTC's peak price pre-halving. In other words, he said BTC could plummet to as low as $60,000 or below in the coming weeks as liquidity may begin to rotate towards altcoins. Poppe further implied that BTC below $60K would be a great opportunity to accumulate as Bitcoin historically pumps to new ATHs a few months after halving events.
In other news, Standard Chartered Bank has predicted Bitcoin price to hit $150,000 by the end of this year and $250,000 by the end of 2025. On the other hand, Robert Kiyosaki expects the asset to trade around $300,000 by the end of 2024.
Amidst these positive sentiments and wild predictions, it is important to carefully study the crypto market to know when to buy and/or sell BTC or other cryptocurrencies. Always try not to FOMO to avoid getting rekt. As a tip, the best time to buy is when the market dumps or retraces and not when everywhere is all green.
Posted Using InLeo Alpha