A widely respected cryptocurrency analyst believes Bitcoin (BTC) is on the verge of a breakout despite falling to the $65,000 level on Wednesday.
Cryptocurrency trader Michaël van de Poppe told his 732,700 followers on social media platform
“Okay, that’s enough. There was a decline in Bitcoin. As today’s macroeconomic season begins with Purchasing Managers’ Index (PMI) data, I think the correction is over. “We expect to be able to take the ATH test in the next two to four weeks.”
At the time of writing, Bitcoin is trading at $67,802, up 2.5% in the last 24 hours.
Next, the analyst is bullish on Ethereum (ETH) rival NEAR Protocol (NEAR), suggesting the token could soon see a 223% gain.
“The market is preparing for the next big growth. NEAR is a perfect example. We are re-testing the previous areas of integration and slowly crawling upwards. “The next target for this rally is $10 to $15.”
At the time of this writing, NEAR is trading at $4.64, up 2.1% in the last 24 hours.
Lastly, the analyst says ETH could surge against Bitcoin (ETH/BTC) if the US Dollar Index (DXY), which compares the USD to a basket of other major foreign currencies, starts to decline.
“Ultimately, it’s all a matter of DXY and returns reversing. I am confident that this will create rapid demand in the ETH ecosystem. If we break 0.04 BTC we will be good to go.”
ETH/BTC is trading at 0.03731 BTC ($2,527) at the time of writing, down 2.66% over the last 24 hours.
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Featured image: Shutterstock/Tithi Luadthong