A widely followed crypto analyst believes that Bitcoin (BTC) is poised to print new all-time highs (ATH) as it reclaimed the $68,000 level on Friday.
Crypto trader Michaël van de Poppe told his 730,800 followers on social media platform
But he warns that Bitcoin may first retest the $65,000 level before seeing sustained rallies.
“Bitcoin continues to consolidate, which means some weakness for the markets. A few weeks before the elections and a possible new rate cut from the Fed. The ATH for Bitcoin is near.
The analyst also claims that the recent rate cut by the European Central Bank (ECB) could be a bullish catalyst for Bitcoin.
“Bitcoin may not go as far as I think. The ECB rate cut and US job cuts data could actually push Bitcoin higher at an earlier stage.
Bitcoin is trading at $68,362 at the time of writing, up almost 2% in the last 24 hours.
Next, the analyst suggests that altcoins could start outperforming Bitcoin as early as next month after identifying a possible correlation between Ethereum (ETH) and US Treasury bond yields.
“There is a huge correlation between ETH and Treasury yields. The initial rate cut of 50 basis points (bps) = 11% jump in ETH. The sentiment swap + upward tick on yields = downward movement on ETH. We expect to see the altcoin bull season start from the next FED rate cut.
The Fed is scheduled to hold its next meeting on November 6-7.
At the time of writing, Ethereum is trading at $2,637.
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