Analyst Predicts Bitcoin’s Uptrend Towards New Heights as ETH/BTC Shows Bullish Signs

Crypto analyst Michaël van de Poppe suggests Bitcoin has begun a new uptrend potentially leading to all-time highs, expecting consolidation around $90,000 before further increases. He also notes bullish divergence in the ETH/BTC pair, indicating upward movement. Current Bitcoin and Ethereum prices show slight gains, but investors are advised to tread carefully.

A prominent crypto analyst, Michaël van de Poppe, has suggested that Bitcoin (BTC) may be on the cusp of a significant upward trend, potentially leading to new all-time highs. With a growing following of over 784,000 on platform X, van de Poppe expects Bitcoin to consolidate within the $90,000 range before pushing higher.

He notes, “Solid upwards trend, break $87,000 and we’ll test $92,000-$94,000 for Bitcoin. This is the area for a short-term top and some consolidation between $93,500-$95,250.” Current trading sees Bitcoin priced at $93,608, reflecting a slight increase on the day.

Moreover, van de Poppe highlights a bullish divergence in the Ethereum/Bitcoin pair (ETH/BTC), suggesting an imminent price rise. This divergence occurs when asset prices reach lower lows, while indicators like the Relative Strength Index (RSI) show higher lows, indicating momentum is building.

He adds, “A potential bullish divergence on ETH. As long as it holds around 1,820 sats, I think we’ll target 2,000 sats shortly.” At the moment, ETH/BTC trades at 0.01918 BTC ($1,793) and has seen a 1.75% increase in the past 24 hours.

However, it’s essential for investors to conduct thorough research before committing to any high-risk investments within the cryptocurrency market. The Daily Hodl urges caution as trading operations come with inherent risks, and losses are ultimately the responsibility of traders.