Michael van de Poppe names the main condition for bitcoin’s growth in October

Michael van de Poppe, the founder of Eight trading company, said that bitcoin should overcome the resistance level of $ 58,000. According to the analyst, the first cryptocurrency will definitely show growth in October.

The expert drew parallels with past cycles and noted that a decline in US government bond yields usually leads to an increase in the value of cryptocurrencies. He noted that the yield curve inversion lasts more than 700 days. This is longer than before the global financial crises of 1929 and 2008. This may signal an approaching US recession in the next two years.

Investors should focus on long-term prospects and not be influenced by emotions under the influence of short-term fluctuations on the exchanges, the crypto analyst said.

«I believe that $ 58,000 is a resistance level that, if overcome, could lead to a new historical high for bitcoin. September will be the last weak month for the market, and then the rally will begin,» the expert said. According to him, the key event that could affect the market will be the decision of the US Federal Reserve to cut interest rates on September 18.

Earlier in August, Michael van de Poppe wrote that the flagship cryptocurrency bitcoin could fall to $ 48,000 if the current level of support fails. The popular crypto analyst proposed a scenario in which BTC could fall below $ 50,000 again.