Bitcoin (BTC) is back in the spotlight as it recently reclaimed the critical $68,000 mark, signaling potential new all-time highs (ATHs). Well-known crypto analyst Michaël van de Poppe has been vocal about his predictions, stating that Bitcoin’s surge past its previous ATH of approximately $74,000 could happen within days. With an impressive following of 730,800 on the social media platform X, van de Poppe is well-regarded for his market insights.
As Bitcoin trades at $68,362—reflecting a nearly 2% increase in the last 24 hours—van de Poppe cautions that a retest of the $65,000 level may occur before any sustained upward movement. This pattern aligns with Bitcoin’s historical price behavior, which often involves temporary pullbacks before significant rallies.
ECB Rate Cuts – A Potential Bullish Catalyst
A key factor driving van de Poppe’s optimism is the recent rate cut by the European Central Bank (ECB). He suggests that this monetary policy shift could act as a bullish catalyst for Bitcoin, enhancing its appeal as a store of value in an increasingly uncertain economic climate.
“Bitcoin might not be going as deep as I think we could,” van de Poppe noted, emphasizing that the combination of the ECB’s decision and recent job cut data in the U.S. might propel Bitcoin higher sooner than anticipated. This sentiment is reflected in the market, with traders keeping a close eye on economic indicators that influence cryptocurrency prices.
Altcoins Set for Outperformance
But Bitcoin’s rise may not be the only story. Van de Poppe forecasts that altcoins could start to outperform Bitcoin as early as next month. He points to a significant correlation between Ethereum (ETH) and U.S. Treasury bond yields, which has implications for the broader cryptocurrency market.
“There’s a huge correlation between ETH and yields on Treasury bonds,” he explained. According to van de Poppe, a recent 50 basis points (bps) rate cut resulted in an 11% jump in Ethereum’s price. This suggests that shifts in sentiment around U.S. interest rates could create waves across the altcoin market.
As the market anticipates the next Federal Reserve meeting and potential rate cuts, traders may be poised for what van de Poppe describes as an “altcoin bull season.” This expected surge could lead to significant gains for Ethereum and other altcoins, potentially attracting more investors to diversify their portfolios.
Also Read: SEC Approves Bitcoin ETF Options – A Game-Changer For $68,365 BTC With 11 ETFs Now Trading!
Eyes on the Market
As Bitcoin flirts with new ATHs, the crypto community remains cautiously optimistic. Michaël van de Poppe’s insights reflect a broader sentiment among analysts who believe that the combination of macroeconomic factors and strong technical indicators could lead to explosive growth in the coming weeks.
For traders, the next few days will be crucial. Will Bitcoin solidify its momentum past $68,000, or will it face a brief retracement? Moreover, as the altcoin market prepares for potential outperformance, investors should stay alert to the evolving landscape shaped by economic data and central bank policies.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
