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- Renowned crypto analyst has observed that the price of Bitcoin is steadily reacting to the Fed’s rate cut, and could ride on this to hit $68k and proceed to reach an all-time high.
- According to him, Ethereum could soon turn a crucial resistance level into support once the ETH/BTC pair reaches a required price zone.
Bitcoin (BTC) has, in the past couple of months, shown a sideways drift, fluctuating within a tight range of $70k and $55k as bulls and bears seek dominance. According to our data, the asset currently trades at $62,111 after surging by 2.5% in the last 24 hours and 6.8% in the last seven.
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Commenting on this, a renowned trader, Michaël van de Poppe, disclosed that Bitcoin could break out to near its all-time high next month. In his usual X engagement, de Poppe explained that Bitcoin has successfully maintained its position above the crucial support at $58,500. In this case, the Federal Reserve’s decision on a rate cut on Wednesday could push the price towards $68k.
Yes, there we go. Bitcoin is above $60,000 again, after having a minor correction. Continue to hold above $58,500 and we’ll be going to see a new ATH in October…Bitcoin looks like it wants to break out upwards. All eyes are on the FED today, which will likely do a rate cut of 25-50 basis points to start with. If that happens, I see an upward continuation of Bitcoin towards $65,000 to $68,000.
On September 18, the Fed reduced the target for its key lending rate by 0.5 percentage points to 4.75%-5%. According to reports, this cut was significantly higher than analysts had predicted earlier. Fortunately, the US central bank has been predicted to make another rate cut by the end of the year.
Another Analyst Bullish on Bitcoin, de Poppe Speaks on Ethereum
In agreement with de Poppe’s position, on-chain analyst Willy Woo has also predicted that Bitcoin’s near-to-intermediate-term future could witness significant bullish momentum. In an accompanying chart supporting this thesis, Bitcoin is displaying a bull flag. According to our analysts, this mostly indicates a sustained upward movement following a period of consolidation.
Woo also pointed out that there has been a notable accumulation of Bitcoin in the medium term, signaling an impending bull market. However, he highlighted that the market is currently under no pressure to sell off. Also, it has not completely moved to a bullish structure. In addition to that, he predicted that a possible short squeeze could change the situation and force liquidation.
De Poppe analyzed Ethereum (ETH) as the next crypto. According to his analysis, ETH could breach a key resistance level and flip into support once the ETH/BTC pair reaches the 0.04-0.041 BTC ($2,486-$2,549) area.
The question remains: When is ETH going to rotate upwards? I don’t know what’s going to be the trigger. However, I think 0.04-0.041 BTC is the go-to area for a breakthrough. If that breaks, we’ll be in good territory. For now, not bueno.
At press time, ETH was trading at $2,439 after surging by 4.5% in the last 24 hours.
