A widely followed crypto analyst says Bitcoin relief is on the way as the imminent BTC halving draws closer.
The BTC halving is a pre-programmed event that occurs every four years, slashing BTC mining rewards in half.
Analysts and experts anticipate the next BTC halving should occur in the coming days or even hours.
One analyst, Michaël van de Poppe, tells his 712,800 followers on the social media platform X that BTC has an opportune shot to fight back from the $61,000 region.
“Pretty significant chance Bitcoin will be bouncing from this area upwards for some relief.
The hype is slowly fading away for Bitcoin as the halving is approaching and narratives will change.”
With BTC currently trading near the $64,000 region, the analyst indicates the king crypto is rebounding according to plan.
“Bitcoin halving day!
Good response from the range low.
Things are looking great.”
BTC is worth $63,699 at time of writing, up 0.4% in the last 24 hours.
Shifting gears to altcoins, Van de Poppe says the end of a long bear market may already be behind us.
“The altcoin bear market has been happening for three years.
The bottom might be in after last week.”
Looking specifically at the blockchain oracle altcoin Chainlink, the analyst says LINK is well positioned when trading against BTC.
“Chainlink is such a massive one to look for at this BTC valuation.”
LINK is worth 0.00022 BTC ($13.78) at time of writing, up 1.6% in the last 24 hours.
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