A widely followed crypto analyst believes Bitcoin (BTC) could hit new all-time highs (ATHs) next month if the flagship crypto holds one key level as support.
Crypto trader Michaël van de Poppe tells his 725,500 followers on the social media platform X that Bitcoin could soar more than 19% from its current value in October.
“Yes, there we go. Bitcoin is above $60,000 again, after having a minor correction. Continue to hold above $58,500 and we’ll be going to see a new ATH in October.”
The analyst also says that the Fed rate cut Wednesday by 50 basis points could send Bitcoin soaring in the near term.
“Bitcoin looks like it wants to break out upwards. All eyes are on the FED today, which will likely do a rate cut of 25-50 basis points to start with. If that happens, I see an upward continuation of Bitcoin towards $65,000 to $68,000.”
Bitcoin is trading for $62,307 at time of writing, up 3.9% in the last 24 hours.
Next up, the analyst says that for Ethereum to break out against Bitcoin (ETH/BTC) it would need to flip a key resistance level into support.
“The question remains: When is ETH going to rotate upwards? I don’t know what’s going to be the trigger. However, I think 0.04-0.041 BTC is the go-to area for a breakthrough. If that breaks, we’ll be in good territory. For now, not bueno.”
ETH/BTC is trading for 0.03839 BTC ($2,386) at time of writing.
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