Bitcoin Analyst Predicts Explosive Upside Moves Due to Dollar Devaluation
A widely followed analyst suggests that Bitcoin (BTC) is on the brink of unexpected explosive moves to the upside for a significant reason.
In a recent update, crypto trader Michaël van de Poppe shared with his large following on X that Bitcoin could potentially surge by more than 82% from its current value.
The analyst attributes this potential surge to the increasing number of investors redirecting their wealth into Bitcoin as a hedge against the weakening US dollar, given Bitcoin’s scarcity and store of value characteristics.
“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 recently experienced a significant breakout, briefly surpassing $110,000 for the first time in history. While it retraced slightly afterward, it is currently trading at $109,639, marking a 2.6% increase in the last 24 hours.
Ethereum Support Levels and Price Targets
Van de Poppe also shared insights on Ethereum (ETH), suggesting that it needs to hold the $2,410 level as support on the six-hour chart to aim for reclaiming $3,000 in the near future.
“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.”
As of the latest update, Ethereum is trading at $2,556, reflecting a 1.1% increase in the last 24 hours.
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