Bitcoin recently reclaimed the $68,000 level last Friday, catching the attention of investors and analysts. Prominent cryptocurrency analyst Michaël van de Poppe believes that Bitcoin is on the verge of hitting a new all-time high. Speaking to his 730,800 followers, Van de Poppe expressed confidence that Bitcoin could soon surpass its current ATH.
Price prediction and adjustment possibility
Van de Poppe predicts that Bitcoin could surpass its current ATH of around $74,000 within days but also warns of a possible retest of $65,000. He notes that Bitcoin is still in a consolidation phase, which could indicate some weakness in the market. Additionally, the upcoming election and the possibility of a Federal Reserve rate cut could play a major role in price movements.
According to Van de Poppe, the recent interest rate cut by the European Central Bank (ECB) could act as a positive catalyst for Bitcoin. “The ECB rate cut, combined with the US unemployment data, could push Bitcoin higher sooner than expected,” he stated, suggesting that these developments could support Bitcoin’s move to a new record high.
The Future of Altcoins
Van de Poppe also highlighted the potential for altcoins to outperform Bitcoin in the coming months. He pointed to the potential correlation between Ethereum ($2,647) and US Treasury yields. The analyst suggested that the Federal Reserve's November meeting could create favorable conditions for altcoins, adding:
“Bitcoin may not be the main focus right now. ECB rate cuts and US unemployment data could push Bitcoin higher sooner, but altcoins are showing more promise.”
Bitcoin is currently trading at $68,362, up 2% over the past 24 hours. Van de Poppe and other analysts are closely watching the upcoming Federal Reserve meeting and its potential impact on both the Bitcoin and 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 interest rate cuts from the Federal Reserve could spark a bull market for altcoins.
The next Federal Reserve meeting is scheduled for November 6-7 and the outcome is highly anticipated by investors. The movements of Bitcoin and Ethereum could 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 closely monitor 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.
