A closely followed crypto analyst believes Bitcoin (BTC) is gearing up for the next leg up.
In a new strategy session, trader Michaël van de Poppe tells his 733,600 followers on the social media platform X that Bitcoin could soon soar more than 5% from its current value.
However, the analyst says that Bitcoin may first retest the $71,679 level before potentially hitting $80,000.
“Bitcoin is consolidating around a new ATH. I do believe we’ll continue, but probably have a slight correction first – dips ready to be bought. Next? $80,000 in November.”
The analyst also says that massive inflows into spot Bitcoin exchange-traded funds (ETFs) since pro-crypto candidate Donald Trump won the US presidential election on Tuesday indicate the flagship crypto asset may have entered the most explosive phase of the market cycle.
“Record-breaking inflow in Bitcoin since Trump won the elections. More than $2 Billion has flown into the Bitcoin ETF. More than $120 million has flown into the Ethereum ETF. The bull market is here.”
Bitcoin is trading for $75,966 at time of writing, up more than 11% since is Election Day low of $68,206.
Next up, the analyst is turning long-term bullish on Ethereum (ETH).
He suggests ETH will continue to rally higher with retests of lower price levels along the way.
“ETH at $2,900. Good start. The strategy is simple: be long, buy the dips and enjoy the ride.”
ETH is trading for $2,920 at time of writing, up more than 21% from its Election Day low of $2,403.
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