A new Bitcoin all-time high is not far off, as crypto expert Michael Van De Poppe expects the premier crypto asset to surpass $73,700 in the coming weeks.
In a post on Sept. 16, van de Poppe, the founder of MN Consultancy, stated that he expects Bitcoin to topple its previous all-time high next month. However, he sees a short-term pullback to the $57,000 region before the bullish run.
Bitcoin Price Coinciding with Plan
The seasoned trader noted that although Bitcoin failed to hit its $61,000 price target last week, it was still following the path of his price prediction. Bitcoin rallied to a weekly high of $60,582 on Friday as bulls pushed back amid what has been a bearish September.
Historically known for presiding bearish sentiments, the first few weeks of the month lived up to the billing as Bitcoin slumped over 10.5% to $52,800 earlier in September. Van De Poppe correctly speculated on the price decline, stating that he expects Bitcoin to trade at $54,300 before a sharp rebound.
Now, Van De Poppe has called for a short-term pullback to $57,000 before Bitcoin continues its upward trajectory. However, the expert asserted that Bitcoin must hold the support in that region to keep the impending bullish rally alive.
New High for Bitcoin Amidst Gold Rally
Notably, Van De Poppe based his call for a new all-time high on the rallying gold price. The precious metal has impressed recently amidst a declining appetite for risk assets, hitting a new all-time high of $2,589 on Monday.
Considering Bitcoin’s view as digital gold and a long history of price correlation with the asset, the seasoned analyst sees Bitcoin surging at least 21% to a new high in October.
However, this analogy was the exact opposite of Bloomberg’s senior analyst Mike McGlone’s prediction of a further price weakness in Bitcoin against gold. The seasoned market expert stated that the Bitcoin/Gold ratio is on a downtrend after peaking in March.
McGlone further implied that he sees Bitcoin retracing as low as 15x the price of gold, with a possible trend towards $31,500. This price speculation aligns with an earlier caution call from analyst Ali Martinez, who stated that Bitcoin’s failure to trade above the 200-day moving average at $64,000 could spell a deadly correction to the $31,000 region.
Meanwhile, Bitcoin corrected further on Monday, with a 3.3% decline in the past 24 hours. At press time, the asset was trading at $58,219, with a market cap of $1.15 trillion.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
