Is Bitcoin’s Correction Over? Price Surges Ahead of 2024 Halving

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Bitcoin BTC to $12000
  • Analysts anticipate a $48K-$51K range for Bitcoin pre-halving. 
  • Surge in whale activity hints at growing investor confidence in Bitcoin.
  • Ethereum is showing some strength, according to Michaël van de Poppe.

As the 2024 Bitcoin halving event nears, expected to be in April, cryptocurrency market activity is high with both accumulation and sales. Michaël van de Poppe, a cryptocurrency analyst, has recently been positive on X, implying that the correction stage of Bitcoin might be over.

Van de Poppe predicts that the pre-halving rally may propel Bitcoin to a value between $48,000 and $51,000. The analyst added that Ethereum also shows some strength, adding to the market’s bullish sentiment.

At press time, Bitcoin was trading at $44,686, representing a 3.59% increase over the last day, as per CoinStats. Concurrently, Ethereum was trading at $2,423.9, representing a 2.67% rise in the last 24 hours. BTC’s 24-hour trading volume has reached $24,155,965,796, reflecting the heightened activity in the market.

BTC Vs. ETH 1-day price chart (Source: CoinStats)

Adding to the market’s optimism, a recent analysis by crypto sleuth Ali Martinez reveals a significant increase in whale activity. An estimated 73 new whales with more than a thousand Bitcoins each have appeared, suggesting an increase of about 3.66% in just two weeks. 

In contrast, a recent report revealed that Bitcoin was seeing a decline in the number of new addresses joining the network. It has been reported that the number of Bitcoin wallets with more than zero coins has not climbed for weeks, indicating a potential drop in network growth.

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