Can Bitcoin Recover? Insights and Price Predictions from Renowned Analyst

Are we seeing a repeat of Bitcoin’s 2015-2016 market trends? Michael van de Poppe thinks so, and he has some fascinating insights to offer.

Discover key entry points, potential resistance lines, and learn why the famed analyst believes BTC could reach $45,000 before the next halving.

Similarities Between Current BTC Trends and 2015-2016 Movements

Renowned cryptocurrency analyst Michael van de Poppe mentioned in a YouTube video published on September 15, 2023, that the current Bitcoin (BTC) trends may be replicating the patterns observed in 2015 prior to the 2016 halving.

Although the next Bitcoin halving is anticipated to occur around April 2023, the BTC price has declined after peaking near $32,000 in July of this year. At the time of writing, it is hovering around $25,000.

Identifying Comparable Patterns in Bitcoin's Price History

Michael van de Poppe pointed out that the current BTC behavior closely resembles the movement seen from late 2015 to May 2016.

During that period leading up to the July 2016 halving, Bitcoin's price remained stagnant around $400 for several months.

The present state of BTC indicates that it has formed a healthy trading range, similar to what was seen in 2015. Back then, the asset was also caught in a sideways range for a long time and couldn't break out until the upward movement triggered by the pre-halving event.

Surge and Subsequent Drop Around 2016 Halving

It's worth noting that, during the 2016 halving, Bitcoin's price significantly surged prior to the event and plummeted afterward.

The asset did not exceed its past all-time high during the July 2016 halving. However, over the next several months, the price rose to nearly $20,000 by December 2017 (from about $650 at the time of the 2016 halving).

Possibility of Recovery to $45,000 Before the Next Halving

In his video, Michael van de Poppe stresses the importance of Bitcoin maintaining its support above the 200-week EMA. He notes that BTC is currently trading above this crucial level.

He suggests that Bitcoin may retest and break the upper limit of its current trading range, stating that he "wouldn't be surprised if Bitcoin's price rises to $45,000 before the next halving."

Given that it's unlikely for Bitcoin to retest its 200-week EMA, if the asset can maintain above this key level, it's believed that the bullish momentum may continue.

【Key Long Entry Points】

• $26,300
• $25,900
• $25,600

【Important Resistance Line】

• $27,800

In another YouTube video published on June 28, 2023, Michael van de Poppe also predicts that Bitcoin could potentially increase up to 15 times its value as we approach the 2024 halving.