A widely followed crypto analyst believes Bitcoin (BTC) is poised for a breakthrough despite falling into the $65,000 range on Wednesday.
Crypto trader Michaël van de Poppe tells his 732,700 followers on social media platform .
“There you go. The decline occurred on Bitcoin. I think the correction is over as today’s macroeconomic season starts with PMI (Purchasing Managers’ Index) data. I expect to see the ATH test in the next two to four weeks.
Bitcoin is trading at $67,802 at the time of writing, up 2.5% in the last 24 hours.
Next, the analyst is bullish on Ethereum (ETH) competitor NEAR Protocol (NEAR), suggesting the token could soon post a 223% gain.
“Markets are preparing for the next big step up. NEAR is a perfect example. It has retested the previous consolidation zone and is slowly moving higher. The next rally target is $10-$15.
NEAR is trading at $4.64 at the time of writing, up 2.1% in the last 24 hours.
Finally, the analyst says ETH could rise against Bitcoin (ETH/BTC) if the US Dollar Index (DXY), which pits the USD against a basket of other major foreign currencies, begins to decline .
“It’s ultimately all about reversal on DXY and returns. If this happens, I am sure we will see rapid demand in the ETH ecosystem. Cross 0.04 BTC and we will be good to go.
ETH/BTC is trading at 0.03731 BTC ($2,527) at the time of writing, down 2.66% in the last 24 hours.
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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should conduct due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/Tithi Luadthong
