Crypto Trader Names Massive Target for Bitcoin (BTC) Cycle, Says Ethereum (ETH) Is Starting a Strong Run

A widely followed crypto analyst says Bitcoin (BTC) is set to soar after the U.S. Securities and Exchange Commission (SEC) approved 11 BTC exchange-traded funds (ETFs) yesterday.

Crypto trader Michal van de Poppetellshis 683,000 followers on the social media platform X that BTC could reach as high as $600,000 this market cycle.

“Range is defined.

$48,000 has been reached, perhaps we’ll go there again with the deal flow on the ETF approval today for Bitcoin.

Dips at $36-40,000 are amazing to get.

Perhaps we’ll go to $300-600,000 this cycle.”

Source: Michal van de Poppe/X

According to the trader, there is achancethat BTC could next see a consolidation period.

“Bitcoin approaches crucial levels.

The highs at $48,000 seem likely to be broken or tested, and potentially even $50,000.

Question is; what’s next?

Probably consolidation, but the Bitcoin ETF is a significant event.”

Source: Michal van de Poppe/X

BTC is worth $46,255 at time of writing.

With BTC likely facing consolidation, Van de Poppesuggests traders consider a “rotation towards” the leading smart contract platform Ethereum (ETH).

“Bitcoin reached the level I’ve mentioned for the past months.

I think we’ll consolidate. The news is out, the ETF is live, it’s great.

Rotation towards Ethereum.”

Source: Michal van de Poppe/X

Looking at ETH/BTC, Van de PoppesaysETH and the rest of the altcoins are setting up for a rally.

“The rotation game is happening already.

A massive weekly bullish divergence on the ETH / BTC pair suggests that we’re going to have a strong run on Ethereum, and altcoins.

We’re at January 2016, good times ahead. Ethereum to $3,500.”

Source: Michal van de Poppe/X

ETH is worth $2,581 at time of writing.

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This article was originally reported on The Daily Hodl.