A widely followed crypto analyst is reacting as king crypto Bitcoin (BTC) sets a new record all-time high.

According to CoinGecko, BTC reached a new all-time high of $69,255 earlier this morning.

In response, crypto trader Michaël van de Poppe says this is the first new all-time high before Bitcoin’s halving, a pre-programmed event that occurs every four years designed to cut the BTC rewards to miners in half.

“BREAKING:

Bitcoin reaches a new all-time high at $69,500.

The first time we’re seeing a new all-time high pre-halving.”

The next BTC halving is expected next month. According to Van de Poppe, BTC’s current price action reflects the activity of previous cycles.

“Taking into account that there’s a halving happening on Bitcoin, then the price action is still comparable to previous cycles.

The only difference; valuation is higher pre-halving due to the exchange-traded fund.

What it does mean:

– Top is near, 30% correction likely.

– Altcoins to do well.”

According to the analyst, traders can next expect a dip from BTC before further rallies.

“I’m still aiming for a potential scenario for Bitcoin, in which liquidity will be taken and then a slight correction takes place.

Important macroeconomic day: Unemployment rate.

Meanwhile: Altcoins continue to show strength.”

Source: Michaël van de Poppe/X

BTC is worth $67,034 at time of writing.

Looking at the wider crypto markets, the analyst thinks digital assets will only grow stronger.

“The total crypto market capitalization continues to rally.

Facing some resistance zones / areas for consolidation.

Further, the valuations of Altcoins in their BTC pairs are still relatively low.

This would suggest that strength is still to come.”

Source: Michaël van de Poppe/X

Generated Image: Midjourney

The post Crypto Analyst Reacts to Bitcoin (BTC) Reaching New All-Time High, Breaks Down the Wider Market Rally appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ March 9, 2024 12:25 am