Widely followed analyst and trader Michaël van de Poppe believes Bitcoin (BTC) could be just weeks away from hitting a new all-time high (ATH).
Van de Poppe tells his 722,100 followers on the social media platform X that as long as Bitcoin holds the $60,000 level as support the crypto king could soon take off on a massive rally.
However, the analyst warns that Bitcoin has historically performed poorly in August and September.
“Bitcoin needs to hold above $60,000-$61,000 and then we’re going to be seeing a continuation towards the all-time high. Historically, August and September are bad. However, I’m expecting that from mid-August the momentum starts to change. New ATH in September/October.”
Bitcoin is trading for $63,173 at time of writing, up slightly in the last 24 hours.
Next up, the analyst says that Ethereum (ETH) could correct down to the $2,500 range before rallying toward new ATHs if it fails to hold the area around $3,100 on the daily chart as support.
“Ethereum is holding onto the crucial area of support. If this is lost, Bitcoin is likely going to test $60,000 and Ethereum will test less than $2,800 as the final big correction. If that doesn’t happen and we rotate back up from here, it’s party time.”
Ethereum is trading for $3,033 at time of writing, down more than 2% in the last 24 hours.
The analyst also suggests that Ethereum could start to rally against Bitcoin (ETH/BTC) if inflows into the recently launched spot ETH exchange-traded funds (ETFs) start to increase.
“Nothing special about the price action of Ethereum. Still consolidating beneath the crucial area to break, through which I assume that we’re going to have some inflows in the Ethereum ETF in the coming weeks.”
ETH/BTC is trading for 0.04787 BTC ($3,033) at time of writing.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any…
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