Crypto analyst Michaël van de Poppe suggests that Bitcoin (BTC) is on the brink of reaching new all-time highs (ATHs), having recently reclaimed the $68,000 level. He warns, however, that a retest of the $65,000 mark may precede any significant rally. With upcoming elections and potential Federal Reserve rate cuts on the horizon, van de Poppe notes that Bitcoin's current consolidation indicates some market weakness but suggests the ATH is within reach.
Additionally, van de Poppe highlights the recent European Central Bank (ECB) rate cut as a potential bullish catalyst for Bitcoin. He points out that positive economic indicators, including job cut data in the U.S., may also support a quicker upward trend for Bitcoin, which is currently trading at approximately $68,362.
Looking ahead, van de Poppe anticipates that altcoins may start to outperform Bitcoin next month, citing a significant correlation between Ethereum (ETH) and U.S. Treasury bond yields. He predicts that a forthcoming rate cut could trigger an altcoin bull season, particularly with the Fed's next meeting scheduled for November 6th and 7th. Ethereum is currently priced at around $2,637.
