Bitcoin (BTC) has been trading in a tight range for several weeks, consolidating below its recent all-time high. According to the latest data and expert analysis, this trend could continue, with investors potentially waiting until the upcoming halving to see the movement in Bitcoin price.
Michael Van de Poppe, a well-known cryptocurrency analyst, recently shared his insights on Twitter and stated that he expects Bitcoin to remain in a consolidation phase and not reach a new all-time high before the halving.
The next Bitcoin halving, scheduled to take place in just 14 days, will reduce the cryptocurrency's issuance rate and miner rewards. Poppe’s analysis also suggests that Bitcoin price could potentially fall to $60,000 to $56,000 this summer.
Support for $60,000 BTC?
Data from CryptoQuant supports the bearish sentiment, with several metrics pointing to possible downward pressure on Bitcoin price. Bitcoin net deposits on exchanges are currently high compared to the last seven-day average, indicating increased selling pressure.
Additionally, Bitcoin's aSORP (Spent Output Profit Ratio) is in the negative, indicating that more investors are selling for profit, which can indicate a market top during a bull run. The Korea premium, a measure of Korean investor sentiment, is also high, another indication of a possible price decline.
Technical analysis of Bitcoin's daily chart shows a bearish crossover on the Moving Average Convergence Divergence (MACD) indicator and a downtrend on the Money Flow Index (MFI), both of which indicate a possible price decline. However, the Bollinger Bands suggest that Bitcoin price is currently in a less volatile zone, which could limit the extent of a sharp decline.
According to data from Hyblock Capital, Bitcoin enjoys strong support near the $66,000 level. However, if the price fails to sustain at this level, it could fall to the $60,000 area where another strong support level exists. Investors should remain cautious and closely monitor market developments as Bitcoin goes through this consolidation phase leading up to the halving.
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