A closely followed crypto analyst says is turning bullish on Bitcoin (BTC) as the flagship crypto asset hovers above $70,000.
In a new strategy session, trader Michaël van de Poppe tells his 734,900 followers on the social media platform X that Bitcoin could see a 10% to 38% rise in price between now and the end of the year.
“It was less than two to four weeks and we’ve got close to the all-time high for Bitcoin. What’s next? I think $80,000 in November, $90,000 [to] 100,000 in December.”
Bitcoin is trading at $70,258 at time of writing, about 4.7% below its all-time high of $73,800 reached during the first quarter of the year.
According to van de Poppe, the top crypto asset by market cap is consolidating before rallying to new all-time highs.
“As long as we stay above $70,000, it’s party time.”
Van de Poppe also offers his forecast for top altcoin Ethereum (ETH). According to the trader, Ethereum could go up by over 13% in November after the support level at around $2,300 held.
“Ethereum took the liquidity and ran back up to resistance. I think we’ll break through it in the next one to two weeks and see $3,000+ in November.”
Ethereum is trading at $2,522 at time of writing, a 5% decrease during the last 24 hours.
On the Ethereum/Bitcoin pair (ETH/BTC), the trader says a bearish divergence on the daily chart of the pair “might be valid.” A bearish divergence occurs when an indicator, such as the Relative Strength Index oscillator, records higher lows while the price witnesses lower lows.
The analyst says that if ETH/BTC falls further, it could depreciate by around 15% from its current price to 0.031 BTC.
ETH/BTC is currently valued at 0.0359 BTC.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
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 cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
