Bitcoin Primed for New All-Time High if BTC Breaks Above ‘Final Resistance,’ Says Trader Michaël van de Poppe

Crypto strategist Michaël van de Poppe believes that Bitcoin (BTC) is heading for new all-time highs (ATHs) if it breaks through one key level.

The analyst tells his 723,200 followers on the social media platform X that if Bitcoin bounces 2.25% from its current value it could hit a new ATH by early September.

“It feels great to have the market breaking out. Bitcoin bouncing upwards, onto the final resistance at $62,000. If that breaks, then it’s close to getting a new ATH in September. Expecting a lot of positive inflow in the data on the ETF [August 22nd]…

The thing with Bitcoin is, if it breaks $62,000, we’re likely going to a new all-time high in less than two weeks.”

Bitcoin is trading for $60,636 at time of writing, down slightly in the last 24 hours.

Next up, the analyst says if Ethereum (ETH) flips a key resistance level into support it could signal and uptrend for the altcoin market.

“Ethereum looks excellent, but it needs to continue climbing upwards. Crucial level to break: $2,700. There is nothing between $2,700 and $3,100, likely triggering a big upward run on altcoins.”

The analyst also says he will remain bullish on ETH as long as it holds $2,500 as support.

“The only thing ETH needs to do is to hold above the crucial area of $2,500. If that happens and the momentum returns through the ETF, the next target is $3,150. Feels good to be back in up-only modus.”

Ethereum is trading for $2,619 at time of writing, down slightly on the day.

Generated Image: DALLE3