The crypto market is facing a new wave of volatility in the Friday session. In particular Bitcoin (BTC) has dipped by over 1.75% on the day dropping below the $105,000 mark. In tandem, Ethereum (ETH) has also plunged by over 3% on Friday dropping to the $2,500 price level. 

However, recent analysis by Michaël van de Poppe – a top crypto trader and analyst, has offered crypto enthusiasts a spark of hope after the recent dip. In his analysis, Poppe believes that BTC could hit a new high. On the other hand, the analyst highlights that Ethereum is showing potential. 

BTC to Surge to a New High; Analyst Claims 

In a post on X earlier today, Michaël van de Poppe shared an optimistic outlook for Bitcoin. Poppe believes that if BTC manages to clear specific resistance, it could surge to a new all time high. The prediction by Poppe comes as BTC breached the $105,000 level earlier in the day. 

“Bitcoin has lost the crucial support level. However, the drop isn’t as severe as we might expect. This means, reclaim of $106,500-107,000, that would be the party trigger sign for new all-time highs,” Poppe shared. 

As at press time, Bitcoin is trading at $104,787 as per the data on TradingView. According to the analysis by Poppe, clearing the resistance sitting at the $106,500 to $107,000 zone could signal another attempt to reach an all-time high (ATH). Bitcoin’s ATH is currently sitting at $111,890 level. 

Ethereum Signals Potential Breakout 

In another post, Michaël van de Poppe shared a promising outlook for Ethereum. The analyst claimed that while ETH has failed to flip the $2,700 level into support for the third time this month, it is still building the momentum for yet another attempt.

“ETH did break through $2,700 and failed immediately. The thing is, that’s not the crucial level. The second thing is, it’s still building up for a big breakout,” Poppe wrote. 

However, Poppe also highlighted that the $2,700 resistance is not a crucial level for Ethereum. Rather he identified $2,850 as the most significant resistance level for ETH as this level is where the liquidity lies. 

“Above $2,850 is where the liquidity is and the longer it takes for a breakout to happen, the heavier it will be,” Poppe added. 

As at press time, the data by TradingView shows that Ethereum is trading at $2,580. The current level is approximately 9% below the key resistance as pointed by the analyst. 

Crypto analyst Poppe also confirmed that on the ETH/BTC pair, Ethereum has been outperforming Bitcoin since April. The ratio of the pair rose to 0.023, finding support at this zone. According to Poppe, this means that Ethereum is preparing to reach new highs. 

“ETH has seen a strong upwards move in April and May. It has also retested the OB at 0.023 and has held there. This means that we’re about to test the highs and continue the run,” he stated. 

Crypto Market Outlook; What’s Next for BTC and ETH?

The cryptocurrency market is displaying signs of possible growth, with Bitcoin, Ethereum and other altcoins drawing closer to important resistance points. Hitting these points and turning them into support could spark a wave of new all-time highs for these cryptocurrencies. 

Moving forward, crypto market participants should constantly check the movement of Bitcoin and Ethereum. However, traders and investors must also be cautious in their approach as the market is highly affected by global updates and news.