Bitcoin on the Verge of New All-Time Highs, Analyst Predicts
A well-known crypto analyst has made bold predictions about the future of Bitcoin (BTC), suggesting that the leading cryptocurrency is poised to reach new all-time highs (ATHs) after reclaiming the $68,000 level on Friday.
With a substantial following of 730,800 on the social media platform X, crypto trader Michaël van de Poppe shared his insights with the crypto community. He believes that Bitcoin could soon surpass its current ATH of approximately $74,000, potentially within the coming days.
Despite his optimism, van de Poppe also cautioned that Bitcoin might experience a temporary dip and retest the $65,000 level before embarking on sustained bullish rallies. He attributed this potential consolidation to factors such as the upcoming elections and a potential rate cut from the Federal Reserve.
Moreover, van de Poppe highlighted the recent rate cut by the European Central Bank (ECB) as a potential bullish catalyst for Bitcoin. He suggested that this development, alongside job cut data in the US, could propel Bitcoin to new heights sooner than expected.
As of the time of writing, Bitcoin is trading at $68,362, marking a nearly 2% increase over the past 24 hours.
In addition to his Bitcoin analysis, van de Poppe pointed out a possible correlation between Ethereum (ETH) and US Treasury bond yields. He speculated that Ethereum and other altcoins could outperform Bitcoin in the near future, particularly after the next Federal Reserve meeting scheduled for November 6th and 7th.
Looking ahead, van de Poppe anticipates the start of an altcoin bull season following potential developments at the upcoming Fed meeting. Ethereum is currently trading at $2,637.
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