Unlock Premium Data: Up to 50% Off InvestingProCLAIM SALE

Bitcoin Surge Predicted By Crypto Analyst Post Halving: 'Rotation Has Slowly Started'

Published 23/04/2024, 02:43
Bitcoin Surge Predicted By Crypto Analyst Post Halving: 'Rotation Has Slowly Started'
BTC/USD
-
ETH/USD
-

Benzinga - Cryptocurrency analyst Michael van de Poppe has announced the conclusion of the Bitcoin (CRYPTO: BTC) halving, predicting a market upswing.

What Happened: Van de Poppe took to X to share his insights on the recent developments in the cryptocurrency market. He noted that Bitcoin dominance is on the decline, indicating the beginning of a market rotation.

“#Bitcoin halving has finished and the markets are going up again. Bitcoin dominance goes back down, which means that the rotation has slowly started,” he wrote.

Van de Poppe’s post comes amid a period of intense speculation about the future of the cryptocurrency market. Despite high levels of greed and overvaluation, as highlighted by trader WazzCrypto, the market appears to be on the verge of a significant shift.

See Also: Tesla, Draftkings, Broadcom And Trader Says Buy Dogecoin In High 10 Cents: Benzinga Bulls And Bears

Why It Matters: The conclusion of the Bitcoin halving and the subsequent market rotation could have far-reaching implications for the entire cryptocurrency market.

Over the last seven days, Bitcoin has maintained its dominance at 54% of the total cryptocurrency market capitalization, while Ethereum (CRYPTO: ETH) stands at 16%, according to CoinMarketCap.

Meanwhile, Bitcoin’s performance has been a subject of debate, with analysts like DonAlt predicting fresh highs or a potential decline. The recent halving is also expected to have a significant impact on Bitcoin miners, with production costs set to nearly double in the near future.

Price Action: According to data from Benzinga Pro, Bitcoin is currently trading at $67,063, reflecting a 0.31% increase in the last 24 hours and a noteworthy 5.66% rise over the past seven days. Ethereum is trading at $3,218, showing a 2.02% increase in the last 24 hours and a 3.95% increase over the past seven days.

Read Next: Shiba Inu Army Cheers As Burn Rate Soars 172%, Price Rebounds

Image Via Pixabay

Engineered by

Benzinga Neuro, Edited by

Kaustubh Bagalkote

The GPT-4-based Benzinga Neuro content generation system exploits the

extensive Benzinga Ecosystem, including native data, APIs, and more to

create comprehensive and timely stories for you.

Learn more.

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.