A widely followed crypto analyst says that Bitcoin (BTC) is setting the stage for a major breakout.
Crypto analyst Michaël van de Poppe tells his 674,900 followers on the social media platform X that Bitcoin remains in a bullish uptrend, printing higher low prices.
“Another higher low is established on Bitcoin. The trend remains to be upward, while the resistance [around $38,100] has been tested several times now. A breakout is very likely to occur.”
The trader says Bitcoin may experience temporary dips in the near-term, but predicts an overall uptrend ahead of a possible decision by the U.S. Securities and Exchange Commission (SEC) to approve a spot market Bitcoin exchange-traded fund (ETF).
“Dips are still relatively short-lived as the markets are heating up for more momentum towards the spot Bitcoin ETF approval. And that’s just five-six weeks apart.”
Bitcoin is trading for $37,688 at time of writing, down 0.1% in the last 24 hours.
Next up, the trader predicts that Ethereum (ETH) could soon have a massive breakout of an 18-month trading range.
“Personally, I’m expecting that ETH will continue to rally. If there’s a dip towards the $1,800-$1,900 region, that’s an area to enter as Ethereum wants to break out of an 18-month range. After that, targets at $3,100-$3,600.”
Ethereum is trading for $2,021 at time of writing, down 1.1% in the last 24 hours.
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