A widely followed crypto analyst believes that Bitcoin (BTC) is on the verge of printing new all-time highs (ATHs) as it reclaimed the $68,000 level Friday.
Crypto trader Michaël van de Poppe tells his 730,800 followers on the social media platform X that Bitcoin’s surge past the current ATH of about $74,000 may come within days.
But he warns Bitcoin could first retest the $65,000 level before witnessing sustained rallies.
“Bitcoin still consolidating, which means some weakness for the markets. Just a few weeks shy of the elections and a potential renewed rate cut from the Fed. The ATH for Bitcoin is close.”
The analyst also says that the recent European Central Bank (ECB) rate cut may be a bullish catalyst for Bitcoin.
“Bitcoin might not be going as deep as I think we could. The rate cut of the ECB and the job cut data in the US might actually push Bitcoin higher at an earlier stage.”
Bitcoin is trading for $68,362 at time of writing, up nearly 2% in the last 24 hours.
Next up, the analyst suggests altcoins may start outperforming Bitcoin as soon as next month after identifying a possible correlation between Ethereum (ETH) and US Treasury bond yields.
“There’s a huge correlation between ETH and Yields on Treasury bonds. The initial rate cut of 50 basis points (bps) = 11% jump on ETH. The swap in sentiment + upwards tick on Yields = downwards move on ETH. Expecting to see altcoin bull season start from the next FED meeting rate cut.”
The Fed is slated to hold its next meeting on November 6th and 7th.
At time of writing, Ethereum is trading for $2,637.
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The post Bitcoin Close to Rallying to New All-Time High, According to Analyst Michaël van de Poppe – But There’s a Catch appeared first on The Daily Hodl.