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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