Bitcoin Relief Expected as Halving Approaches, Analyst Predicts

A well-known crypto analyst has suggested that Bitcoin is set for a rebound as the highly anticipated halving event draws near. The halving, which occurs every four years, cuts BTC mining rewards in half.

Experts and analysts are predicting that the next halving will take place in the next few days or even hours. Michaël van de Poppe, a popular analyst with a large following on social media, believes that this presents a prime opportunity for Bitcoin to recover from its recent slump around the $61,000 mark.

Van de Poppe stated, “There is a significant chance that Bitcoin will bounce back from this level and experience some relief. As the halving approaches, the hype surrounding Bitcoin is slowly fading away and the narratives will change.”

Currently, Bitcoin is trading at around $64,000, indicating that the cryptocurrency is following the projected rebound trajectory. Van de Poppe expressed his optimism, saying, “Bitcoin halving day! We are seeing a positive response from the lower range. Things are looking great.”

At the time of writing, BTC is valued at $63,699, representing a 0.4% increase in the last 24 hours.

Shifting focus to altcoins, Van de Poppe believes that the bear market for these cryptocurrencies may already be coming to an end. He stated, “The altcoin bear market has persisted for three years, but it seems that we may have reached the bottom last week.”

In particular, the analyst highlighted Chainlink, a blockchain oracle altcoin, as being well-positioned for trading against BTC. He said, “Chainlink is a significant altcoin to watch, especially at its current valuation against BTC.”

As of now, LINK is valued at 0.00022 BTC ($13.78), representing a 1.6% increase in the last 24 hours.

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Disclaimer: The opinions expressed in this article are not investment advice. Investors should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please be aware that your transfers and trades are at your own risk, and any losses incurred are your responsibility. We do not recommend the buying or selling of any cryptocurrencies or digital assets, nor are we investment advisors. Please note that we participate in affiliate marketing.

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