Cash News
A closely followed crypto analyst says is turning bullish on Bitcoin (BTC) as the flagship crypto asset hovers above $70,000.
In a new strategy session, trader Michaël van de Poppe tells his 734,900 followers on the social media platform X that Bitcoin could see a 10% to 38% rise in price between now and the end of the year.
“It was less than two to four weeks and we’ve got close to the all-time high for Bitcoin. What’s next? I think $80,000 in November, $90,000 [to] 100,000 in December.”
Bitcoin is trading at $70,258 at time of writing, about 4.7% below its all-time high of $73,800 reached during the first quarter of the year.
According to van de Poppe, the top crypto asset by market cap is consolidating before rallying to new all-time highs.
“As long as we stay above $70,000, it’s party time.”
Van de Poppe also offers his forecast for top altcoin Ethereum (ETH). According to the trader, Ethereum could go up by over 13% in November after the support level at around $2,300 held.
“Ethereum took the liquidity and ran back up to resistance. I think we’ll break through it in the next one to two weeks and see $3,000+ in November.”
Ethereum is trading at $2,522 at time of writing, a 5% decrease during the last 24 hours.
On the Ethereum/Bitcoin pair (ETH/BTC), the trader says a bearish divergence on the daily chart of the pair “might be valid.” A bearish divergence occurs when an indicator, such as the Relative Strength Index oscillator, records higher lows while the price witnesses lower lows.
The analyst says that if ETH/BTC falls further, it could depreciate by around 15% from its current price to 0.031 BTC.
ETH/BTC is currently valued at 0.0359 BTC.
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