Bitcoin Relief Expected as Halving Approaches, Analyst Says

According to a popular crypto analyst, Bitcoin is expected to experience relief as the highly anticipated halving event draws nearer. The BTC halving, which occurs every four years, slashes mining rewards in half. Experts believe that the next halving could happen within the next few days or even hours.

Renowned analyst Michaël van de Poppe, who has a strong following of 712,800 on the social media platform X, suggests that Bitcoin has a good chance of bouncing back from its current price level of $61,000. He states, “There is a significant chance that Bitcoin will rebound from this region and experience some relief. As the halving approaches, the hype surrounding Bitcoin is slowly fading away, and the narratives will change.”

With Bitcoin currently trading around the $64,000 mark, the analyst confirms that the cryptocurrency is rebounding as expected. He says, “Bitcoin halving day! We are seeing a positive response from the lower price range. Things are looking great.”

At the time of writing, Bitcoin is valued at $63,699, showing a 0.4% increase in the last 24 hours. Shifting focus to altcoins, Van de Poppe believes that the long bear market may have already come to an end. He states, “The altcoin bear market has been going on for three years. The bottom may have been reached last week.”

In particular, the analyst highlights the potential of the blockchain oracle altcoin, Chainlink, when trading against Bitcoin. He states, “Chainlink is one to look out for at its current BTC valuation.”

Chainlink is currently valued at 0.00022 BTC ($13.78), showing 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. It is important to note that all transfers and trades are made at one’s own risk, and any losses incurred are the individual’s responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it provide investment advice. Please note that The Daily Hodl engages in affiliate marketing.

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