The Bitcoin price is showing an upward movement today, a development that is being received as very positive. Michaël van de Poppe, a leading Dutch crypto analyst, underlines the crucial importance of maintaining a price level between $69,000 and $70,000.

He believes that as long as Bitcoin remains above this level, the chances of further price increases are significant. Van de Poppe even believes that if the current positive trend continues, the Bitcoin price could rise above $74,000.

The positive movement in the market comes at a time when the crypto community is preparing for an important event, the halving.

What is the Bitcoin halving?

The Bitcoin halving is a pre-programmed event that takes place approximately every four years, during which the reward Bitcoin miners receive for verifying transactions on the blockchain is halved.

This process serves as a means to prevent inflation and slow the issuance of new Bitcoins, gradually increasing the total supply towards the maximum limit of 21 million coins.

Reducing the reward limits the supply of new Bitcoins, which has historically led to an increase in scarcity and often a significant price increase shortly after each halving event.

Uncertainty in the crypto market

Unfortunately, in the crypto world, a constant upward trend is far from guaranteed. BitMEX’s Arthur Hayes points out the negative impact US policy measures could have, specifically warning of a potential big sell-off during the US tax season between April 15 and May 1.

The mood in Germany is also cautious. A Deutsche Bank survey shows that a significant number of investors expect a sharp drop in Bitcoin value, possibly even to $20,000.

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