Bitcoin (BTC) could be on the brink of achieving new all-time highs if it manages to surpass a crucial resistance level, according to crypto strategist Michaël van de Poppe. In a recent update to his 723,200 followers on X, van de Poppe highlighted that a modest 2.25% increase from Bitcoin’s current price could propel it to new heights by early September.

Key Resistance Level for Bitcoin

Van de Poppe suggests that Bitcoin’s immediate hurdle is the $62,000 resistance mark. With Bitcoin currently trading at $60,636, a breakout above this level could signal a significant bullish trend. According to the analyst, if Bitcoin successfully climbs past $62,000, it might reach a new all-time high within the next two weeks.

Van de Poppe commented, “It feels great to have the market breaking out. Bitcoin bouncing upwards, onto the final resistance at $62,000. If that breaks, then it’s close to getting a new ATH in September. Expecting a lot of positive inflow in the data on the ETF [August 22nd]… The thing with Bitcoin is, if it breaks $62,000, we’re likely going to a new all-time high in less than two weeks.”

The current price of Bitcoin reflects a slight dip in the past 24 hours, but van de Poppe remains optimistic about the asset’s short-term prospects. The analyst’s prediction hinges on the assumption that Bitcoin will manage to clear this final resistance level and maintain its upward momentum.

Ethereum’s Potential Upside

In addition to Bitcoin, van de Poppe has also outlined his bullish stance on Ethereum (ETH). He notes that Ethereum needs to break through the $2,700 resistance level to trigger a potential upward trend for the altcoin market. Currently, Ethereum is trading at $2,619, having seen a minor decline recently.

“Ethereum looks excellent, but it needs to continue climbing upwards. Crucial level to break: $2,700. There is nothing between $2,700 and $3,100, likely triggering a big upward run on altcoins,” van de Poppe said.

He further elaborated that Ethereum’s ability to hold above the $2,500 support level will be critical for sustaining its bullish outlook. If Ethereum maintains its position above this threshold and gains momentum, the analyst believes the next target could be $3,150.

“The only thing ETH needs to do is to hold above the crucial area of $2,500. If that happens and the momentum returns through the ETF, the next target is $3,150. Feels good to be back in up-only modus,” van de Poppe added.

Market Sentiment and ETF Impact

Van de Poppe’s optimistic projections are also influenced by the anticipation surrounding the recent ETF data release on August 22. Positive developments in ETF inflows could further bolster market sentiment and drive prices higher for both Bitcoin and Ethereum.

The crypto market’s performance in the coming weeks will be closely watched, as breaking through key resistance levels could signal a broader rally. Investors and traders are keeping a keen eye on these critical price points, as they may set the stage for significant moves in the cryptocurrency space.

Conclusion

Michaël van de Poppe’s analysis highlights crucial resistance levels for Bitcoin and Ethereum that could determine the next phase of the cryptocurrency market. With Bitcoin aiming to breach the $62,000 resistance and Ethereum targeting the $2,700 mark, the coming days could be pivotal for both assets. As market conditions evolve, these levels will be essential in assessing the potential for new all-time highs and broader bullish trends.