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.”
The Federal Reserve is scheduled to convene for its next meeting on November 6th and 7th.
Currently, Ethereum is trading at $2,637.
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