A widely followed crypto analyst believes that Bitcoin’s (BTC) latest breakout is the start of a larger uptrend that will lead to new all-time highs.
In a thread, crypto trader Michaël van de Poppe tells his 784,400 followers on the social media platform X that Bitcoin will likely consolidate for a while in the $90,000 range before continuing higher.
“Solid upwards trend, break $87,000 and we’ll test $92,000-$94,000 for Bitcoin. That’s what we’re seeing right now. This is the area for a short-term top and some consolidation (between $93,500-$95,250). Great signs on the board. It’s very likely that we’ll start the uptrend to an ATH (all-time high).”
Bitcoin is trading for $93,608 at time of writing, up marginally on the day.
Next up, the analyst says that the Ethereum/Bitcoin pair (ETH/BTC) is showing a bullish divergence on the daily chart.
A bullish divergence, which suggests price will start to increase, occurs when the price of assets records lower lows while indicators, such as the Relative Strength Index (RSI), a momentum oscillator indicator, are witnessing higher lows.
“A potential bullish divergence on ETH. On lower timeframes: reclaim within the range against Bitcoin. On the day that gold provides a wick and seems likely to have peaked short-term. As long as it holds ~1,820 sats, I think we’ll attack 2,000 sats in the coming days.”
ETH/BTC is trading for 0.01918 BTC ($1,793) at time of writing, up 1.75% in the last 24 hours.
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