A widely followed crypto analyst believes that Bitcoin (BTC) is on the verge of a breakout despite dipping into the $65,000 range on Wednesday.
Crypto trader Michaël van de Poppe tells his 732,700 followers on the social media platform X that Bitcoin’s correction may be over and a return to the all-time high of about $74,000 may be just weeks away.
“There we go. The dip has happened on Bitcoin. I think that the correction is over as today’s macroeconomic season is kicking off with PMI (Purchasing Managers’ Index) data. Expecting to see the ATH test in the next two-four weeks.”
Bitcoin is trading for $67,802 at time of writing, up 2.5% in the last 24 hours.
Next up, the analyst is flipping bullish on Ethereum (ETH) competitor NEAR Protocol (NEAR), suggesting the token may soon print a 223% gain.
“The markets are gearing up for the next big leg upwards NEAR is a perfect example. It retested the previous consolidation area and is slowly crawling upwards. The next target in the rally is $10-$15.”
NEAR is trading for $4.64 at time of writing, up 2.1% in the last 24 hours.
Lastly, the analyst says that ETH may surge against Bitcoin (ETH/BTC) if the US dollar index (DXY), which pits the USD against a basket of other major foreign currencies, starts to trend down.
“It’s ultimately all a matter of reversal on the DXY and the Yields. If that happens, then I’m sure we’ll see a quick demand in the ETH ecosystem. Break through 0.04 BTC and we’ll be good to go.”
ETH/BTC is trading for 0.03731 BTC ($2,527) at time of writing, down 2.66% in the last 24 hours.