Analyst Michaël van de Poppe predicts that Bitcoin is about to reach a new record high
There is new hope in the world of cryptocurrencies, BTC in particular, as BTC prices surged above $68,000 recently, fuelling speculation of new all-time highs. This belief is echoed by a number of experts in the domain, who assert that BTC prices will not only reach the previous ATH of $74,000, but slightly exceed it.
Michaël van Poppe, in his capacity as the head at the market, stiffs MILLION’S in bitcoin plastic. In one of his strategy explanations, Poppe exemplifies why the cut is essential for the new law.
However, he does proceed to advise caution as it is likely Bitcoin could first retrace to the $65,000 resistance level. “Bitcoin is the first ever saved capital and is still stagnated which is usually bad for the market. It is the elections which bring into effect the rate cuts in this volatility.” With so much amidst political season, the pages for All Time High are definitely around the corner.
According to Popp, previously surprising values could become a standard for people especially if the majority of Bitcoins are destroyed with cuts. For the vision on how Bitcoin could move forward from the rates mentioned before the main intro, the dynamics on gold, oil or even the Macro create a strong case.
At last count, Bitcoin had risen $68,362, which is approximately 2% more than its value in the last hour.
As soon as next month, altcoins will be on the same trajectory and surplus as Bitcoin. This was suggested by the analyst who perceives some form of correlation between Ethereum (ETH) and US Treasury bond yields.
“ETH and Yields on Treasury bonds are highly correlated. The initial rate cut of 50 bps = 11% jump on ETH. The swap in Nearing a maximum bang for the buck and an increase of sentiment on Yields indicators meant a downwards move on ETH. Alt Coin bull season is likely to start from next FED meeting rate cut.”
Between November sixth and seventh, the Federal Reserve is expected to meet again.
