A widely followed crypto analyst believes Bitcoin (BTC) is on the verge of reclaiming the $68,000 level on Friday and setting a new all-time high (ATH).
Cryptocurrency trader Michael Van de Poppe told his 730,800 followers on social media platform He said there is.
However, he cautions that Bitcoin may first retest the $65,000 level before seeing a sustained rally.
“Bitcoin remains strong, which means some weakness for the market, with elections and the possibility of another Fed rate cut just weeks away. Bitcoin’s ATH is approaching .”
The analyst also notes that the recent European Central Bank (ECB) interest rate cut could be a catalyst for Bitcoin bullishness.
“Bitcoin may not be as deep as we think. ECB interest rate cuts and US layoffs data could actually push Bitcoin higher sooner.”
At the time of writing, Bitcoin was trading at $68,362, up nearly 2% in the past 24 hours.
Next, analysts say altcoins could start outperforming Bitcoin as early as next month after identifying a possible correlation between Ethereum (ETH) and US Treasury yields. suggests.
“There is a strong correlation between ETH and Treasury yields. The first rate cut is 50 basis points (bps) = 11% increase in ETH. Sentiment swap + tick upwards in yields = downward move in ETH. Next time We expect a bullish season for altcoins to begin with the Fed meeting rate cut.”
The Fed's next meeting is scheduled for November 6th and 7th.
At the time of this writing, Ethereum is trading at $2,637.
Never miss a beat – Subscribe to get email alerts delivered straight to your inbox
Check price action
follow me ×Facebook and Telegram
Surf the Daily Hoddle Mix
 
Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should perform due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that transfers and transactions are made at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets. The Daily Hodl is also not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated image: Mid Journey
