A widely followed crypto analyst believes that Bitcoin (BTC) is on the verge of posting new all-time highs (ATHs) as it reclaimed the $68,000 level on Friday.
Crypto trader Michaël van de Poppe tells His 730,800 followers on the social media platform
But he warns that Bitcoin could first retest the $65,000 level before seeing any sustained rallies.
“Bitco is still consolidating, which means some weakness for the markets. Just a few weeks before the elections and a possible new rate cut by the Fed. The ATH for Bitcoin is close.”
The analyst too say than the recent interest rate of the European Central Bank (ECB). cut could be a bullish catalyst for Bitcoin.
“Bitco may not go as deep as I think we could. The ECB rate cut and US job loss figures could push Bitcoin even higher sooner.”
Bitcoin is trading at $68,362 at the time of writing, up almost 2% in the past 24 hours.
Then the analyst suggests altcoins could start to outperform Bitcoin as early as next month, after a possible correlation between Ethereum (ETH) and US Treasury yields was identified.
“There is a huge correlation between ETH and government bond yields. The initial rate cut of 50 basis points (bps) = 11% jump on ETH. The swap in sentiment + upward movement on yields = downward movement on ETH. I expect the altcoin bull season to start with the next FED rate cut.”
The Fed plans to do this delay the next meeting on November 6 and 7.
At the time of writing, Ethereum is trading at $2,637.
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Generated image: Midjourney