- Renowned crypto analyst Michaël van de Poppe has garnered attention with his forecast for Bitcoin (BTC) this October.
- Van de Poppe suggests that Bitcoin could achieve a new all-time high (ATH) this month if it maintains a crucial support level.
- He shared with his 725,500 followers on social media platform X that Bitcoin might see a 19% rise from its current value, reaching new peaks in October.
Discover whether Bitcoin is poised for a new all-time high this October and how critical support levels and potential Fed decisions play into this prospect.
October Forecast for Bitcoin: Potential New All-Time High
Michaël van de Poppe has indicated that Bitcoin could surge to a new ATH if it stays above the key support level of $58,500. Currently trading above $60,000, Bitcoin’s performance in the coming weeks might transform the crypto landscape, especially if bullish trends continue.
The Role of Federal Reserve Decisions
Van de Poppe highlighted that decisions from the U.S. Federal Reserve (Fed) could significantly impact Bitcoin’s trajectory. A widely anticipated rate cut of 25 to 50 basis points might bolster Bitcoin’s price, driving it towards the $65,000-68,000 range. This perspective is gaining traction among traders focusing on macroeconomic factors influencing the market.
Ethereum’s Prospective Movement Against Bitcoin
Concerning Ethereum (ETH), van de Poppe stated that it must convert a critical resistance level to support to witness significant gains against Bitcoin. Ethereum’s current resistance is around the 0.04-0.041 BTC mark. A breakthrough in this area could signal strong upward momentum.
Current Market Status and Analysis
As of the latest data, Bitcoin is trading at $62,307, marking a 3.9% increase over the past 24 hours. Meanwhile, Ethereum is valued at approximately 0.03839 BTC (around $2,386). These figures reflect a robust market sentiment, but technical and fundamental analyses suggest monitoring key levels and news updates for strategic trading decisions.
Conclusion
In summary, the next few weeks are critical for Bitcoin and Ethereum. Analysts like Michaël van de Poppe emphasize the importance of maintaining crucial support levels and watching parts of the Federal Reserve’s policies. Traders should stay informed and prepare for potential market movements, as strategic insights could provide substantial benefits in the crypto market’s ever-fluctuating nature.
