đ„đ„Could Bitcoin Reach New Highs in October? đ„đ„
Famous cryptocurrency analyst Michael van de Poppe has suggested that Bitcoin (BTC) could reach new record highs next month. Addressing his followers on the social media platform X, van de Poppe stated that Bitcoin's current value could increase by more than 19% in October. According to the analyst, if Bitcoin maintains its important support point at $ 58,500, the uptrend could continue.
Van de Poppe assessed that the US Federal Reserve's expected 50 basis point interest rate cut could have a positive impact on Bitcoin in the short term. He stated that a possible interest rate cut could take Bitcoin to the $ 65,000 to $ 68,000 range. In fact, the Fed cut interest rates by 50 basis points yesterday.
The analyst also touched on Ethereum's (ETH) performance against Bitcoin, emphasizing that ETH needs to overcome the resistance zone at 0.04-0.041 levels in order to gain strength against BTC. He stated that Ethereum could be in a better position if these critical levels are passed.
Bitcoin maintaining the $ 58,500 support could be a decisive factor for it to reach new highs in October. The Fed's 50 basis point interest rate cut could trigger short-term increases in the cryptocurrency market.
For Ethereum to gain strength, a permanent movement above the 0.04-0.041 BTC levels is needed. Volatility in the market may increase with the interaction of macroeconomic policies and technical levels.
Cryptocurrency investors are closely following van de Poppe's predictions and developments in the market. In particular, whether Bitcoin can maintain its critical support levels and the effects of the Fed's interest rate decision are eagerly awaited.
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