A well-known crypto analyst predicts that Bitcoin (BTC) is on the brink of a breakout, despite experiencing a drop to $65,000 on Wednesday. Michaël van de Poppe, a crypto trader with a large following of 732,700 on social media platform X, believes that Bitcoin’s correction may be coming to an end, and it could soon reach its all-time high of around $74,000 within the next few weeks.
Van de Poppe states, “There we go. The dip has occurred in Bitcoin. I believe that the correction is over as today’s macroeconomic season begins with PMI (Purchasing Managers’ Index) data. I anticipate that we will see a test of the all-time high in the next two to four weeks.”
As of now, Bitcoin is trading at $67,802, marking a 2.5% increase in the past 24 hours.
The analyst also expresses optimism about NEAR Protocol (NEAR), a competitor to Ethereum (ETH), suggesting that the token could experience a significant gain of 223% in the near future. Van de Poppe states, “The markets are preparing for the next major upward movement, and NEAR is a perfect example. It has retraced to the previous consolidation zone and is gradually moving upward. The next target in the rally is $10 to $15.”
At the time of writing, NEAR is trading at $4.64, representing a 2.1% increase in the last 24 hours.
Lastly, the analyst believes that ETH may experience a surge against Bitcoin (ETH/BTC) if the US dollar index (DXY), which measures the USD against other major foreign currencies, begins to trend downwards. Van de Poppe explains, “Ultimately, it all depends on the reversal of the DXY and the Yields. If that happens, then I’m confident we will see a rapid demand in the ETH ecosystem. Once it breaks through 0.04 BTC, we’ll be good to go.”
ETH/BTC is currently trading at 0.03731 BTC ($2,527), marking a 2.66% decrease in the last 24 hours.
In conclusion, Van de Poppe’s analysis suggests that Bitcoin, NEAR Protocol, and Ethereum may all experience significant movements in the near future. However, it is important for investors to conduct their own research and exercise caution when investing in high-risk assets such as Bitcoin and cryptocurrencies.
