Notable cryptocurrency expert Michaël van de Poppe has pointed out favorable market trends as Bitcoin exceeds $70,000. He forecasts that Bitcoin could rise by 10% to 38% before the year concludes. Currently valued at $70,258, Bitcoin is slightly below its peak of $73,800 recorded in the first quarter of this year.
Will Ethereum Experience Significant Growth?
Van de Poppe is optimistic not only about Bitcoin but also about Ethereum, predicting an increase of over 13% in November. If Ethereum can hold its support near $2,300, it may potentially reach the $3,000 mark, providing a substantial target for traders.
Should Traders Be Cautious About ETH/BTC?
Caution is advised regarding the ETH/BTC pair, as van de Poppe has identified a bearish signal on the daily chart. If this signal materializes, the ETH/BTC pair could decline by 15%, reaching approximately 0.031 BTC.
Insights from van de Poppe reveal several key points:
- Bitcoin’s current position above $70,000 is deemed a positive sign.
- Ethereum is expected to rise significantly if it maintains support levels.
- Traders should be cautious about the ETH/BTC pair due to potential downward signals.
These observations shed light on the dynamic nature of the cryptocurrency market, emphasizing the need for traders to make informed decisions as conditions evolve rapidly.