A widely followed crypto analyst says Bitcoin (BTC) is set to soar after the U.S. Securities and Exchange Commission (SEC) approved 11 BTC exchange-traded funds (ETFs) yesterday.
Crypto trader Michaël van de Poppe tells his 683,000 followers on the social media platform X that BTC could reach as high as $600,000 this market cycle.
“Range is defined.
$48,000 has been reached, perhaps we’ll go there again with the deal flow on the ETF approval today for Bitcoin.
Dips at $36-40,000 are amazing to get.
Perhaps we’ll go to $300-600,000 this cycle.”
According to the trader, there is a chance that BTC could next see a consolidation period.
“Bitcoin approaches crucial levels.
The highs at $48,000 seem likely to be broken or tested, and potentially even $50,000.
Question is; what’s next?
Probably consolidation, but the Bitcoin ETF is a significant event.”
BTC is worth $46,255 at time of writing.
With BTC likely facing consolidation, Van de Poppe suggests traders consider a “rotation towards” the leading smart contract platform Ethereum (ETH).
“Bitcoin reached the level I’ve mentioned for the past months.
I think we’ll consolidate. The news is out, the ETF is live, it’s great.
Rotation towards Ethereum.”
Looking at ETH/BTC, Van de Poppe says ETH and the rest of the altcoins are setting up for a rally.
“The rotation game is happening already.
A massive weekly bullish divergence on the ETH / BTC pair suggests that we’re going to have a strong run on Ethereum, and altcoins.
We’re at January 2016, good times ahead. Ethereum to $3,500.”
ETH is worth $2,581 at time of writing.
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