Bitcoin Close to Rallying to New All-Time High, According to Analyst Michaël van de Poppe

An experienced crypto analyst predicts that Bitcoin (BTC) is on the brink of setting new all-time highs (ATHs) after surpassing the $68,000 mark on Friday.

Crypto trader Michaël van de Poppe informed his 730,800 followers on the social media platform X that Bitcoin could soon exceed the current ATH of approximately $74,000, possibly within the next few days.

However, he cautions that Bitcoin might first retest the $65,000 level before experiencing sustained upward movements.

“Bitcoin is still consolidating, indicating some market weakness. With the upcoming elections and a potential rate cut from the Fed, Bitcoin’s ATH is within reach.”

The analyst also mentioned that the recent rate cut by the European Central Bank (ECB) could serve as a bullish catalyst for Bitcoin.

“Bitcoin may not experience as significant a drop as anticipated. The ECB rate cut and US job data could potentially push Bitcoin higher sooner.”

At the time of writing, Bitcoin is trading at $68,362, reflecting a nearly 2% increase in the last 24 hours.

Looking ahead, the analyst suggests that altcoins could outperform Bitcoin as early as next month, pointing to a possible correlation between Ethereum (ETH) and US Treasury bond yields.

“There’s a strong correlation between ETH and Treasury bond yields. Previous 50 bps rate cut resulted in an 11% surge in ETH. Changes in sentiment and rising yields could impact ETH negatively. Anticipating the start of an altcoin bull season after the next FED meeting rate cut.”