Bitcoin Close to Rallying to New All-Time High, According to Analyst Michaël van de Poppe – But There’s a Catch
A widely followed crypto analyst believes that Bitcoin (BTC) is on the verge of printing new all-time highs (ATHs) as it reclaimed the $68,000 level Friday.
Crypto trader Michaël van de Poppe tells his 730,800 followers on the social media platform X that Bitcoin’s surge past the current ATH of about $74,000 may come within days.
But he warns Bitcoin could first retest the $65,000 level before witnessing sustained rallies.
“Bitcoin still consolidating, which means some weakness for the markets. Just a few weeks shy of the elections and a potential renewed rate cut from the Fed. The ATH for Bitcoin is close.”
Source: Michaël van de Poppe/X
The analyst also says that the recent European Central Bank (ECB) rate cut may be a bullish catalyst for Bitcoin.
“Bitcoin might not be going as deep as I think we could. The rate cut of the ECB and the job cut data in the US might actually push Bitcoin higher at an earlier stage.”
Bitcoin is trading for $68,362 at time of writing, up nearly 2% in the last 24 hours.
Next up, the analyst suggests altcoins may start outperforming Bitcoin as soon as next month after identifying a possible correlation between Ethereum (ETH) and US Treasury bond yields.
“There’s a huge correlation between ETH and Yields on Treasury bonds. The initial rate cut of 50 basis points (bps) = 11% jump on ETH. The swap in sentiment + upwards tick on Yields = downwards move on ETH. Expecting to see altcoin bull season start from the next FED meeting rate cut.”
Source: Michaël van de Poppe/X
The Fed is slated to hold its next meeting on November 6th and 7th.
At time of writing, Ethereum is trading for $2,637.
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