A widely followed crypto analyst is reacting as the crypto king Bitcoin (btc) sets a new all-time record.
According CoinGeckoBTC hit a new all-time high of $69,255 this morning.
In response, cryptocurrency trader Michaรซl van de Poppe says This is the first new all-time high before the Bitcoin halving, a pre-scheduled event that occurs every four years and designed to halve BTC rewards for miners.
"RIP:
Bitcoin hits a new all-time high of $69,500.
The first time we are seeing a new all-time high before the halving.โ
The next BTC halving is expected next month. According to Van de Poppe, the current BTC price action reflects the activity of previous cycles.
โConsidering that a halving is occurring in Bitcoin, the price action remains comparable to previous cycles.
The only difference; Valuation is higher before the halving due to the ETF.
What does it mean:
โ The top is near, a 30% correction is likely.
โ Altcoins will do well.โ
According to the analyst, traders can next wait a BTC drop before new rallies.
โI am still pointing to a potential scenario for Bitcoin, where liquidity will be taken and then a slight correction will occur.
Important macroeconomic day: Unemployment rate.
Meanwhile: altcoins continue to show strength.โ
BTC is worth $67,034 at the time of writing.
Looking at the broader crypto markets, analyst think Digital assets will only get stronger.
โThe total crypto market capitalization continues to rise.
Facing some resistance zones/consolidation areas.
Additionally, Altcoin valuations on their BTC peers remain relatively low.
This would suggest that strength is yet to come.โ
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Image generated: Halfway through the trip
