The post Bitcoin Skyrockets to $65K – Expert Warns of Potential Consolidation Ahead appeared first on Coinpedia Fintech News
Bitcoin is starting the week strong at over $65,000, just 6% below its highest price ever recorded at $69,044 in November 2021. Despite this positive trend, popular crypto analyst Michaël van de Poppe thinks that the upcoming Bitcoin halving event might lead to price consolidation or a correction later this month or in early April.
Bitcoin In the Consolidation Phase
In a recent analysis, van de Poppe observes Bitcoin’s surge to a new yearly high of around $65,000. Despite the impressive upward movements, he suggests that the cryptocurrency is nearing a potential peak in its current price action.
Van de Poppe expresses his belief that Bitcoin is on the verge of a consolidation phase, followed by a subsequent correction. He expects this to happen around late March or the beginning of April. Amidst these warnings, the analyst acknowledges the positive overall market movements.
Froth in the Market?
Charles Edwards, the founder of Capriole Investments, a fund focusing on Bitcoin and digital assets, is looking at the possibility of a correction. He’s taking a cautious approach this week and doesn’t seem convinced about recent market movements.
He explains that even if there’s no sudden change in direction, the excitement from last month might just be taking a bit longer to calm down.
Edwards uses the term “froth” to describe this lingering excitement, suggesting that it might persist for 2-3 weeks before settling. So, he points to the potential for a correction around mid to late March.
Looking back at early 2021, he draws a parallel with a period of heightened excitement in the crypto space, leading to a correction in early Q2. This correction delayed new all-time highs for Bitcoin until November of that year.
Bitcoin Price Movement
The Bitcoin price is gearing up for another positive month, currently showing a 14% increase since the beginning of March. Presently, Bitcoin is trading above $65,000, with a 5% surge in the last 24 hours, suggesting a favorable outlook for the bulls.
Meanwhile, looking ahead, with the Bitcoin halving event still 52 days away and set for April 21st, numerous predictions in the crypto sphere foresee Bitcoin achieving a new all-time high before this significant event takes place.