A widely followed analyst says that Bitcoin (BTC) may be gearing up for a series of unexpected explosive moves to the upside for one main reason.
In a new thread, crypto trader Michaël van de Poppe tells his 787,600 followers on the social media platform X that Bitcoin may soon increase by more than 82% of its current value.
The analyst believes an increasing number of investors will move their wealth into Bitcoin due to its scarcity and store of value attributes as the US dollar weakens.
“Bitcoin is going to an all-time high faster than I expected: $120,000 is imminent, $150,000 is imminent, $200,000 is imminent. Why? Because more and more people are done with the constant devaluation of the dollar.”
Bitcoin had a massive breakout Wednesday, briefly crossing $110,000 for the first time in its history. Bitcoin’s prior all-time high was about $108,700; it has since retraced slightly and is trading for $109,639 at time of writing, up 2.6% in the last 24 hours.
Next up, the analyst says that Ethereum (ETH) will likely need to hold the $2,410 level as support on the six-hour chart to be able to reclaim $3,000 in the near term.
“For ETH, it’s approaching the area to hold. If that holds and we’ll find our way up, I think we’ll see $3,000 quite soon.”
Ethereum is trading for $2,556 at time of writing, up 1.1% in the last 24 hours.
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