Crypto strategist Michaël van de Poppe predicts Bitcoin (CRYPTO: BTC) is poised for new all-time highs if it surpasses a crucial resistance level.
What Happened: Van de Poppe, addressing his 723,200 followers on social media platform X, stated that if Bitcoin rises 2.25% from its current value, it could achieve a new all-time high by early September.
He emphasized, "Bitcoin bouncing upwards, onto the final resistance at $62,000. If that breaks, then it's close to getting a new ATH in September."
Bitcoin is currently trading at $64,028, up by 4.90% in the last 24 hours, surging past the level highlighted by the analyst.
Van de Poppe also noted the importance of ETF data inflows, which could positively impact Bitcoin's price movement.
It feels great to have the market breaking out.#Bitcoin bouncing upwards, onto the final resistance at $62K.
If that breaks, then it's close to getting a new ATH in September.
Expecting a lot of positive inflow in the data on the ETF tomorrow. pic.twitter.com/Etr1LJIA1b— Michaël van de Poppe (@CryptoMichNL) August 21, 2024
Additionally, the analyst highlighted that Ethereum (CRYPTO: ETH) could signal an uptrend for the altcoin market if it flips a key resistance level into support.
"Ethereum looks excellent, but it needs to continue climbing upwards. Crucial level to break: $2,700. There is nothing between $2,700 and $3,100, likely triggering a big upward run on altcoins," he added.
#Ethereum looks excellent, but it needs to continue climbing upwards.
Crucial level to break: $2,700.
There is nothing between $2,700 and $3,100, likely triggering a big upward run on #Altcoins. pic.twitter.com/oZ99vN8soU— Michaël van de Poppe (@CryptoMichNL) August 22, 2024
Why It Matters: The prediction by Van de Poppe comes amid a series of bullish forecasts for Bitcoin. Real Vision analyst Jamie Coutts suggested that Bitcoin might witness a 200% surge in its current cycle, potentially reaching a six-figure valuation.
Earlier, crypto analyst Kevin Svenson predicted that Bitcoin could see an upsurge of up to 86%, potentially hitting the $100,000 mark. Svenson noted that Bitcoin has formed a bullish divergence pattern on the daily chart.
Van de Poppe's latest prediction aligns with his earlier statements, where he projected that Bitcoin will reach a new all-time high in the upcoming months. He stated, "If this closes above $57,000, then it's very likely that we've seen the low of this correction."
Price Action: At the time of writing, Bitcoin was trading at $64,028, up by 4.90% in the last 24 hours, according to Benzinga Pro data.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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