Crypto strategist Michaël van de Poppe has laid out a thrilling forecast for Bitcoin (BTC) that could have traders buzzing. According to his analysis, Bitcoin is on the cusp of a significant rally if it can break through a critical resistance level. Specifically, van de Poppe suggests that if Bitcoin manages to flip the $61,000 level into support, it could surge towards its all-time high (ATH) of around $74,000.
Currently, Bitcoin is trading at approximately $60,866, having risen by 3.6% in the past 24 hours. The excitement among traders is palpable as they await a potential breakout. Van de Poppe’s message to his 723,800 followers on X (formerly Twitter) is clear: surpassing the $61,000 mark is essential for Bitcoin to gain upward momentum. He hints that if this happens, it could lead to what he terms “party time” and a new test of its ATH.
On a related note, Ethereum (ETH) is showing promising signs against Bitcoin (ETH/BTC). Van de Poppe points out a bullish divergence on the ETH/BTC daily chart, with the Relative Strength Index (RSI) indicating potential for price increases. This divergence suggests that despite Ethereum’s current weakness, a bullish phase might be on the horizon, reminiscent of past patterns seen in January 2021 and September 2019.
However, van de Poppe warns that while Ethereum is showing some bullish signals, it’s currently struggling. ETH/BTC is trading at 0.04239 BTC ($2,577), slightly up in the last 24 hours. He advises that while there could be a rally from this week into next, Ethereum’s price action needs to confirm this bullish divergence for a more substantial move.
The key takeaway for crypto traders is to keep an eye on these crucial levels and signals. Bitcoin’s potential to reach new heights hinges on breaking above $61,000, while Ethereum’s future performance could be influenced by its bullish divergence against Bitcoin.
