Bitcoin Poised to Break New All-Time Highs, Analyst Predicts
Bitcoin is on the verge of reaching a new all-time high, with cryptocurrency expert Michael van de Poppe forecasting that the leading digital asset could surpass $73,700 in the coming weeks.
On September 16, Van de Poppe, founder of MN Consultancy, shared his belief that Bitcoin will exceed its previous historical highs by next month. However, he anticipates a short-term dip to around $57,000 before the anticipated rise.
Bitcoin Price Aligns with Forecast
Despite Bitcoin’s recent failure to hit the $61,000 target last week, Van de Poppe pointed out that the cryptocurrency is still following his predicted price trajectory. Bitcoin hit a weekly high of $60,582 on Friday, but the rally cooled off in mid-September, a period typically marked by bearish trends.
The first few weeks of September have lived up to these negative expectations, as Bitcoin dropped over 10.5%, hitting $52,800 earlier in the month. Van de Poppe had accurately predicted this decline and expected Bitcoin to trade at $54,300 before rebounding sharply.
Now, he is calling for a brief correction to $57,000, followed by a continuation of Bitcoin’s upward trend. However, he stressed that the cryptocurrency must maintain support in this range to ensure the anticipated rally.
Gold Surge Fuels Bitcoin’s Potential Breakout
Van de Poppe’s forecast for a new Bitcoin high is partly based on the recent surge in gold prices. The precious metal reached a new record high of $2,589 on Monday, boosted by declining appetite for riskier assets.
Given Bitcoin’s reputation as “digital gold” and its historical price correlation with the asset, the seasoned analyst predicts a minimum 21% increase in Bitcoin’s price, likely pushing it to a new high in October.
Read more Bitcoin Poised to Break New All-Time Highs, Analyst Predicts
Meanwhile, Bloomberg’s senior analyst Mike McGlone offered a contrasting view, noting that Bitcoin’s price relative to gold is on a downward trajectory after peaking in March. McGlone believes Bitcoin could fall to 15 times the price of gold, potentially leading to a decline toward $31,500. This aligns with a previous prediction by analyst Ali Martinez, who warned that Bitcoin’s failure to trade above its 200-day moving average at $64,000 could result in a steep correction to $31,000.
Current Market Status
As of Monday, Bitcoin experienced another correction, dropping 3.3% over the past 24 hours. At the time of writing, the cryptocurrency was trading at $58,219 with a market capitalization of $1.15 trillion.
Important Notice: The content of this article is for informational purposes only and should not be construed as financial advice. chinwa.tech
assumes no responsibility for any investment decisions made based on the information provided herein. It is strongly advisç zed to seek the guidance of a qualified specialist or financial advisor before making any investment choices.
