A widely followed crypto analyst believes that Bitcoin (BTC) is on the verge of a breakout despite dipping into the $65,000 range on Wednesday.
Crypto trader Michaël van de Poppe tells his 732,700 followers on the social media platform X that Bitcoin’s correction may be over and a return to the all-time high of about $74,000 may be just weeks away.
“There we go. The dip has happened on Bitcoin. I think that the correction is over as today’s macroeconomic season is kicking off with PMI (Purchasing Managers’ Index) data. Expecting to see the ATH test in the next two-four weeks.”
Bitcoin is trading for $67,802 at time of writing, up 2.5% in the last 24 hours.
Next up, the analyst is flipping bullish on Ethereum (ETH) competitor NEAR Protocol (NEAR), suggesting the token may soon print a 223% gain.
“The markets are gearing up for the next big leg upwards NEAR is a perfect example. It retested the previous consolidation area and is slowly crawling upwards. The next target in the rally is $10-$15.”
NEAR is trading for $4.64 at time of writing, up 2.1% in the last 24 hours.
Lastly, the analyst says that ETH may surge against Bitcoin (ETH/BTC) if the US dollar index (DXY), which pits the USD against a basket of other major foreign currencies, starts to trend down.
“It’s ultimately all a matter of reversal on the DXY and the Yields. If that happens, then I’m sure we’ll see a quick demand in the ETH ecosystem. Break through 0.04 BTC and we’ll be good to go.”
ETH/BTC is trading for 0.03731 BTC ($2,527) at time of writing, down 2.66% in the last 24 hours.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Tithi Luadthong
Credit: Source link
