Bitcoin is close to reaching new all-time highs, according to analyst Michael Van de Poppe - but there's a catch

A widely followed crypto analyst believes Bitcoin (BTC) is on the verge of printing a new all-time high (ATH) as it reclaimed the $68,000 level on Friday.

Crypto trader Michaël van de Poppe told his 730,800 followers on social media platform X that Bitcoin's current ATH topping around $74,000 could come in a few days.

But he warns that Bitcoin may retest the $65,000 level before seeing a sustained rally.

“Bitcoin is still consolidating, which means some weakness for the market. Just a few weeks shy of the election and a possible renewed rate cut from the Fed. ATH for Bitcoin is near.”

Source: Michael van de Poppe/X

The analyst also said that the recent European Central Bank (ECB) rate cut could be a bullish catalyst for Bitcoin.

“Bitcoin may not be going as deep as I think we could. The ECB rate cut and job cut data in the US may actually push Bitcoin higher than earlier levels.”

Bitcoin is trading at $68,362 at the time of writing, up nearly 2% in the past 24 hours.

Later, the analyst suggested that altcoins could outperform Bitcoin as early as next month after identifying a possible correlation between Ethereum (ETH) and US Treasury bond yields.

“There is a huge correlation between ETH and yields on Treasury bonds. 50 basis points (bps) = 11% jump in initial rate in ETH. Swap in sentiment + upward tick + yields = downward move in ETH. Altcoin since next FED meeting rate cut Expect the bull season to start.”

Bitcoin is close to reaching new all-time highs, according to analyst Michael Van de Poppe – but there's a catch – Daily Hoddle — Source: Michael van de Poppe/X

The Fed's next meeting will be held on November 6 and 7

At the time of writing, Ethereum is trading at $2,637.

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