A widely known crypto analyst believes Bitcoin (BTC) could hit new all-time highs (ATH) next month if the flagship cryptocurrency holds one key level as support.
Crypto trader Michael van de Poppe tells his 725,500 followers on social network X that Bitcoin could rise more than 19% from its current value in October.
“Yes, that’s all. Bitcoin is back above $60,000 after a minor correction. Continue to hold above $58,500 and we will see a new ATH in October.”
The analyst also says the Fed’s 50 basis point rate cut on Wednesday could lead to a sharp rise in Bitcoin in the near future.
“Bitcoin looks like it wants to break out. Today, all eyes are on the Fed, which is likely to cut rates by 25-50 basis points to start. If that happens, I see Bitcoin continuing to rise to $65,000-$68,000.”
At the time of writing, Bitcoin is trading at $62,307, up 3.9% in the last 24 hours.
The analyst goes on to say that for Ethereum to breakout against Bitcoin (ETH/BTC), it needs to turn a key resistance level into support.
“The question remains: when will ETH rise? I don’t know what the trigger will be. However, I think 0.04-0.041 BTC is the ideal area for a breakout. If this breaks, we’ll be in good territory. Not yet.
At the time of writing, ETH/BTC is trading at 0.03839 BTC ($2,386).
Generated image: Midjourney
