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While events in the Middle East continue to create uncertainties in the global economy, significant drops are also observed in cryptocurrencies. Last Monday, the BTC price rose to $70,000, but it seems to be continuing to fall as of today. On the other hand, declines continue for ETH, which was expected to rise following ETFs. One of the market‘s prominent analysts made optimistic statements about the market.
Bitcoin Commentary
One of the most well-known analysts in the crypto world, Michaël van de Poppe, stated that Bitcoin (BTC) might reach its all-time high (ATH) sooner than expected.
Van de Poppe shared on the social media platform X that as long as Bitcoin maintains the $60,000 support level, the leading cryptocurrency could soon experience a significant rally.
However, the analyst noted that Bitcoin has historically performed poorly in August and September.
Bitcoin needs to hold above $60,000-$61,000, and then we will see a continuation towards the all-time high. Historically, August and September are bad. But I expect momentum to start changing from mid-August. New ATH in September/October.
Bitcoin price is at $62,400 as of the time of writing, following a 2.26% drop in the last 24 hours, indicating an 8% drop in the last 7 days.
Ethereum Commentary
The analyst stated that if Ethereum (ETH) fails to hold the support at the $3,100 level in the daily view, it could drop to $2,500 before moving to a new ATH.
Ethereum is holding a very important support area. If this is lost, Bitcoin will likely test $60,000, and Ethereum will test below $2,800 as the last major correction. If this does not happen and we bounce back from here, it means it’s party time.
Ethereum is trading at $3,033 as of the time of writing, following a 4.84% drop in the last 24 hours, and it is worth noting that the price is below the mentioned support with hours left until the daily close.
On the other hand, the analyst also noted that if there is an increase in entries to the spot ETH exchange-traded funds (ETFs) that recently started trading, Ethereum could start rising against Bitcoin (ETH/BTC).
There is nothing special in Ethereum’s price action. It is still consolidating below the important area that I assume will see some entries into the Ethereum ETF in the coming weeks.
