Analyst and trader Michaël van de Poppe believes Bitcoin (BTC) is primed to go much higher after the flagship crypto asset broke into a new all-time high.
Van de Poppe tells his 795,200 followers on the social media platform X that Bitcoin could reach a price of $250,000 in the fourth quarter – an increase of around 112% from the current level.
According to the widely followed analyst, Bitcoin could hit a price of $125,000 this month and $150,000 between July and the end of September. However, Van de Poppe expects the rally to pause before his targets can be reached.
“Probably going to stall for a little before we’ll continue.”
Bitcoin is trading at $117,915 at time of writing, up by around 10% over the past week.
Turning to Ethereum (ETH), the widely followed analyst says the second-largest crypto asset by market cap appears bullish and could rise to levels last witnessed in November of 2021.
“A vertical candle upwards.
Now, some patience and then we’ll continue to the all-time highs.”
Ethereum is trading at $2,980 at time of writing, up by nearly 20% over the past seven days but down by approximately 40% from the all-time high reached close to four years ago.
Lastly, Van de Poppe believes that the downtrend in the total market capitalization of altcoins versus Bitcoin is about to reverse. The widely followed analyst says altcoins are forming a bullish divergence against Bitcoin on the weekly time frame – an indication that altcoins are bottoming out against the flagship crypto asset.
A bullish divergence occurs when the price of an asset is forming lower lows while an oscillator like the relative strength index (RSI) is forming higher highs.
Generated Image: Midjourney