CoinJiexi.com reports:
A widely followed cryptocurrency analyst believes that Bitcoin (BTC), despite falling to the $65,000 range on Wednesday, is on the verge of a breakthrough.
Cryptocurrency trader Michaël van de Poppe told his 732,700 followers on social media platform Twitter that Bitcoin’s correction may have already ended and could reach its previous all-time high of around $74,000 in the coming weeks.
“We have started. Bitcoin has seen a drop. I think the correction is over as today’s macroeconomic season kicks off with the Purchasing Managers’ Index (PMI) data. Expecting ATH testing in the next two to four weeks.”
Source: Michaël van de Poppe/X
At the time of writing, Bitcoin’s trading price stands at $67,802, up 2.5% in the past 24 hours.
Next, the analyst turns bullish on Ethereum’s (ETH) competitor, NEAR Protocol (NEAR), suggesting that the token may soon surge by 223%.
“The market is preparing for the next big move. NEAR is a perfect example. It has retested the previous consolidation area and is slowly climbing up. The next target for the rebound is $10-15.”
Source: Michaël van de Poppe/X
At the time of writing, NEAR is trading at $4.64, up 2.1% in the past 24 hours.
Lastly, the analyst states that if the US Dollar Index (DXY) starts to decline, Ethereum against Bitcoin (ETH/BTC) could skyrocket.
“It all comes down to the DXY and the reversal in yields. If that happens, I believe we’ll see a rapid demand for the Ethereum ecosystem. Once we break 0.04 BTC, we’re off.”
Source: Michaël van de Poppe/X
At the time of writing, ETH/BTC is trading at 0.03731 BTC ($2,527), down 2.66% in the past 24 hours.
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Featured image: Shutterstock/Tithi Luadthong
