A closely followed crypto analyst believes Bitcoin (BTC) is gearing up for the next leg up.
In a new strategy session, trader Michaël van de Poppe tells his 733,600 followers on the social media platform X that Bitcoin could soon soar more than 5% from its current value.
[adinserter block="1"]However, the analyst says that Bitcoin may first retest the $71,679 level before potentially hitting $80,000.
“Bitcoin is consolidating around a new ATH. I do believe we’ll continue, but probably have a slight correction first – dips ready to be bought. Next? $80,000 in November.”
The analyst also says that massive inflows into spot Bitcoin exchange-traded funds (ETFs) since pro-crypto candidate Donald Trump won the US presidential election on Tuesday indicate the flagship crypto asset may have entered the most explosive phase of the market cycle.
“Record-breaking inflow in Bitcoin since Trump won the elections. More than $2 Billion has flown into the Bitcoin ETF. More than $120 million has flown into the Ethereum ETF. The bull market is here.”
Bitcoin is trading for $75,966 at time of writing, up more than 11% since is Election Day low of $68,206.
Next up, the analyst is turning long-term bullish on Ethereum (ETH).
He suggests ETH will continue to rally higher with retests of lower price levels along the way.
“ETH at $2,900. Good start. The strategy is simple: be long, buy the dips and enjoy the ride.”
ETH is trading for $2,920 at time of writing, up more than 21% from its Election Day low of $2,403.
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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 assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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