Known for his accurate predictions, cryptocurrency analyst Michael van de Poppe commented on the latest outlook for the largest cryptocurrency Bitcoin (BTC) and the altcoin king Ethereum (ETH). The analyst highlighted important levels for both BTC and ETH and advised caution ahead of the critical US inflation data release.
Bitcoin Analysis
Cryptocurrency analyst Poppe suggested that Bitcoin could see a significant rise if it breaks through $71,700. He noted that investors should be cautious ahead of the US inflation data release.
The price chart shared by the analyst shows that Bitcoin is consolidating between two important levels, with $67,789 acting as significant support and $71,679 as significant resistance. The analyst added that in the event of a deep correction, the $60,748 level could act as an important support zone. This means that this level is a critical threshold in the event of any decline.
At the time of writing, Bitcoin is trading at $69,425 in the past 24 hours. The total market value of the cryptocurrency king is at $1.36 trillion.
Ethereum Analysis
Poppe also stated that he expects the altcoin king Ethereum to form a higher low and is waiting for the approval of the S-1 filings of the spot ETF applications by the US Securities and Exchange Commission (SEC), maintaining his high expectations.
In the shared ETH/BTC chart, he noted that the 0.05-0.051 range is an important support level and that the price should hold above this threshold. He expects the price of ETH to rise from this support if it stays above this level in the coming weeks.
Poppe emphasized that these are the key levels to watch for Ethereum’s ETH in the current period.
