Popular Dutch analyst Michael van de Poppe recently sold all his Bitcoin, but that doesn’t mean you can’t be bullish on the cryptocurrency. According to van de Poppe, Bitcoin will hit an all-time high in two weeks if it can break the resistance at $62,000.
Bitcoin’s critical resistance
“It feels great to see the market take off. Bitcoin is jumping towards the recent resistance level at $62,000. If it breaks, the new September all-time high will be much closer. I expect a lot of positive ETF flows in the coming days.
“What’s happening with Bitcoin is that if that $62,000 price is broken, we’re likely to get a new all-time high in a couple of weeks,” says Michael van de Poppe.
We are currently witnessing a Bitcoin rally following a positive speech by Jerome Powell, the Chairman of the US Federal Reserve. He has just indicated that it is time for his central bank to make a radical change in its policy. Read: Interest Rate Cuts Are Coming.
In principle, this was in line with expectations, but that does not change the fact that it is encouraging to see such concrete statements from the head of the US central bank. The market was counting on this scenario, but Jerome Powell is often very cautious in his statements.
He has not yet become as specific as he is today about interest rate cuts at his central bank.
Also bullish on Ethereum?
Then Michael van de Poppe turned to Ethereum. According to the analyst, the smart contract platform must convert a significant resistance into a support point to start an upward trend.
“Ethereum looks good, but it needs to continue to rise. The crucial level to break is $2,700. There is nothing between $2,700 and $3,100, which could theoretically lead to a big altcoin rally.
According to Van de Poppe, all Ethereum needs to do is hold the support level at $2,500. Will that work? However, he remains bullish on the second place in the market in the short term.
If he succeeds, he sees $3,150 Ethereum as the next target. In this regard, we can say that he is really optimistic about Vitalik Buterin’s project.
Do you still believe in a strong Ethereum bull run in 2024 or 2025?
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