Bitcoin recently reclaimed the $68,000 level last Friday, attracting attention from investors and analysts alike. Renowned crypto analyst Michaël van de Poppe believes that Bitcoin is on the verge of reaching new all-time highs. Speaking to his 730,800 followers, Van de Poppe expressed confidence that Bitcoin could surpass its current ATH level soon.
Price Predictions and Potential Correction
Van de Poppe predicted that Bitcoin could break through its current ATH of around $74,000 within a few days but also warned of a potential retest of the $65,000 level. He noted that Bitcoin is still in a consolidation phase, which could indicate some market weakness. Additionally, upcoming elections and a potential Federal Reserve interest rate cut could play a significant role in price movement.
The European Central Bank’s (ECB) recent rate cut, according to Van de Poppe, could serve as a positive catalyst for Bitcoin. He stated, “The ECB’s rate cut, combined with U.S. unemployment data, could push Bitcoin higher sooner than expected,” indicating that these developments may support Bitcoin’s push towards new record highs.
The Future of Altcoins
Van de Poppe also highlighted the potential for altcoins to outperform Bitcoin in the coming months. He pointed to a potential correlation between Ethereum ($2,647) and U.S. Treasury yields. The analyst suggested that the Federal Reserve’s November meeting could create favorable conditions for altcoins, adding:
“Bitcoin may not be the primary focus right now. The ECB’s rate cut and U.S. unemployment data could push Bitcoin up sooner, but altcoins are showing more promise.”
Currently, Bitcoin is trading at $68,362, showing a 2% increase over the last 24 hours. Van de Poppe and other analysts are closely watching the upcoming Federal Reserve meeting and its potential impact on both Bitcoin and the altcoin markets.
The correlation between Ethereum and Treasury yields is expected to play a key role in determining the future performance of altcoins. Van de Poppe added that a rate cut from the Federal Reserve could spark a bull market for altcoins.
The Federal Reserve’s next meeting is scheduled for November 6-7, and the outcome is being highly anticipated by investors. The movements of Bitcoin and Ethereum may be shaped by the decisions made at this meeting.
Bitcoin and other cryptocurrencies are highly sensitive to global economic indicators and central bank policies. Investors should keep a close eye on such developments to better understand market trends. Van de Poppe’s insights provide valuable guidance for traders looking to capitalize on Bitcoin’s next big move.
Bitcoin, altcoins, Michaël van de Poppe, Federal Reserve, Ethereum
