Widely followed crypto analyst Michaël van de Poppe says this week could prove pivotal for Bitcoin as BTC stages a recovery from a 2025 low of $74,000.
Van de Poppe tells his 785,200 followers on the social media platform X that there’s a chance that the Federal Reserve will slash interest rates at its meeting this week, slated for May 6th to 7th.
According to the analyst, a Fed rate cut may serve as a catalyst that fuels Bitcoin’s run to greater heights.
“Big week coming up with the FED.
The likelihood of a rate cut is significant, and if that rate cut comes, another confirmation of money supply to go ballistic and crypto and Bitcoin to succeed.”
Looking at BTC’s weekly chart, Van de Poppe thinks that BTC’s retest of a key price area as support is just what Bitcoin needs to sustain its bull run.
“If I look at this chart for Bitcoin, it looks like we’ve just had a beautiful retest of the previous resistance zone at $75,000 becoming support.
This is just an ideal build-up before the next leg upwards.”
Source: Michaël van de Poppe/X
Zooming in, Van de Poppe says that Bitcoin is flashing bullish price action after shattering “crucial” price levels.
“Bitcoin had one crucial level to break through: $87,000.
It did and it continued to rally higher.
It has also flipped back in the range above $92,000.
That means –> any dip is a good opportunity towards the new all-time high (ATH).”
Source: Michaël van de Poppe/X
The analyst also believes that two macroeconomic factors are conspiring to take Bitcoin to fresh record highs.
“As the monetary expansion and the business cycle are about to heat up, it’s very likely that we’ll see a continuation of Bitcoin to an ATH and higher.”
At time of writing, Bitcoin is worth $94,375.
Generated Image: Midjourney
