A closely watched crypto analyst says he’s turning bullish on Bitcoin (BTC) as the flagship crypto asset hovers above $70,000.
In a new strategy session, trader Michaël van de Poppe explains tells his 734,900 followers on the social media platform
“It took less than two to four weeks and we 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 the time of writing, about 4.7% below the all-time high of $73,800 reached in the first quarter of the year.
According to van de Poppe, this is the most important crypto asset in terms of market capitalization consolidate before soaring to new all-time highs.
“As long as we stay above $70,000, it’s party time.”
Van de Poppe also offers his prediction for top altcoin Ethereum (ETH). According to the trader, Ethereum could rise by more than 13% in November after the support level of around $2,300.
“Ethereum took over liquidity and met resistance again. I think we will break this in the next one to two weeks and see $3,000+ in November.”
Ethereum is trading at $2,522 at the time of writing, down 5% over the past 24 hours.
On the Ethereum/Bitcoin pair (ETH/BTC), the trader say a bearish divergence on the pair’s daily chart “could 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 the current price to 0.031 BTC.
ETH/BTC is currently valued at 0.0359 BTC.
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Generated image: Midjourney
