A widely followed crypto analyst says Bitcoin (BTC) is set to soar after the U.S. Securities and Exchange Commission (SEC) approved 11 BTC exchange-traded funds (ETFs) yesterday.
Crypto trader Michaël van de Poppe tells his 683,000 followers on the social media platform X that BTC could reach as high as $600,000 this market cycle.
“Range is defined.
$48,000 has been reached, perhaps we’ll go there again with the deal flow on the ETF approval today for Bitcoin.
Dips at $36-40,000 are amazing to get.
Perhaps we’ll go to $300-600,000 this cycle.”
According to the trader, there is a chance that BTC could next see a consolidation period.
“Bitcoin approaches crucial levels.
The highs at $48,000 seem likely to be broken or tested, and potentially even $50,000.
Question is; what’s next?
Probably consolidation, but the Bitcoin ETF is a significant event.”
BTC is worth $46,255 at time of writing.
With BTC likely facing consolidation, Van de Poppe suggests traders consider “rotation towards” the leading smart contract platform Ethereum (ETH).
“Bitcoin reached the level I’ve mentioned for the past months.
I think we’ll consolidate. The news is out, the ETF is live, it’s great.
Rotation towards Ethereum.”
Looking at ETH/BTC, Van de Poppe says ETH and the rest of the altcoins are setting up for a rally.
“The rotation game is happening already.
A massive weekly bullish divergence on the ETH / BTC pair suggests that we’re going to have a strong run on Ethereum, and altcoins.
We’re at January 2016, good times ahead. Ethereum to $3,500.”
ETH is worth $2,581 at time of writing.
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