Crypto expert Michael Van De Poppe has forecast that Bitcoin will soon reach a new all-time high, surpassing its previous peak of $73,700. According to Van De Poppe, founder of MN Consultancy, the leading cryptocurrency could hit this milestone in the coming weeks. He anticipates a brief pullback to the $57,000 range before the upward momentum continues.
Bitcoin Price Path and Short-Term Projections
Van De Poppe shared that even though the asset did not reach its previous target of $61,000, it is still following the projected trajectory. Last week, the token achieved a weekly high of $60,582, as bulls attempted to reverse the bearish trend that had persisted throughout most of September.
Historically, September has often seen negative price movements for Bitcoin, and this year was no exception. Early in the month, its value dropped by over 10.5%, reaching $52,800 at one point. Van De Poppe had accurately predicted the price decline, projecting that Bitcoin would fall to $54,300 before a strong recovery.
Now, the analyst foresees a temporary pullback to $57,000, which he considers crucial for maintaining support and allowing the digital asset to continue its upward trend. If Bitcoin can hold this support level, he believes the bullish rally will remain intact, leading to a potential new all-time high in October.
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Correlation Between Bitcoin and Gold
Van De Poppe’s prediction is partly based on the recent increase in gold prices. The precious metal reached a new all-time high of $2,589 on Monday, as investors sought safer assets amid reduced risk appetite.
Given Bitcoin’s frequent correlation with gold, often called “digital gold,” Van De Poppe believes the token could follow suit, rising by at least 21% to set a new record high next month.
However, this outlook contrasts with that of Bloomberg’s senior analyst, Mike McGlone, who has expressed skepticism about Bitcoin’s near-term performance. McGlone has suggested that the ratio between Bitcoin and gold is trending downward, after peaking in March. He predicts that the price could decline further, potentially reaching a value of 15 times the price of gold, implying $31,500 for Bitcoin.
McGlone’s caution aligns with concerns raised by analyst Ali Martinez, who warned that Bitcoin’s failure to break above the 200-day moving average of $64,000 could trigger a steep correction. Martinez indicated that such a failure could push the asset to $31,000.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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