A widely followed crypto analyst believes Bitcoin (BTC) is on the verge of reclaiming the $68,000 level on Friday and setting a new all-time high (ATH).
Cryptocurrency trader Michael Van de Poppe told his 730,800 followers on social media platform He said there is.
However, he cautions that Bitcoin may first retest the $65,000 level before seeing a sustained rally.
“Bitcoin remains strong, which means some weakness for the market, with elections and the possibility of another Fed rate cut just weeks away. Bitcoin’s ATH is approaching .”
Source: Michael van de Poppe/X
The analyst also notes that the recent European Central Bank (ECB) interest rate cut could be a catalyst for Bitcoin bullishness.
“Bitcoin may not be as deep as we think. ECB interest rate cuts and US layoffs data could actually push Bitcoin higher sooner.”
At the time of writing, Bitcoin was trading at $68,362, up nearly 2% in the past 24 hours.
Next, analysts say altcoins could start outperforming Bitcoin as early as next month after identifying a possible correlation between Ethereum (ETH) and US Treasury yields. suggests.
“There is a strong correlation between ETH and Treasury yields. The first rate cut is 50 basis points (bps) = 11% increase in ETH. Sentiment swap + tick upwards in yields = downward move in ETH. Next time We expect a bullish season for altcoins to begin with the Fed meeting rate cut.”
Source: Michael van de Poppe/X
The Fed’s next meeting is scheduled for November 6th and 7th.
At the time of this writing, Ethereum is trading at $2,637.
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