Markets
Analyst Says Bottom is Bottom for Altcoin Markets, Expects Crypto Rally Following Weak Economic Data
Renowned analyst Michaël van de Poppe believes cryptocurrencies are gearing up for a market-wide rally amid signs of slowing economic activity.
Van de Poppe tells his 716,300 followers on social media platform X that he is bullish on cryptocurrencies after the US job market missed estimates in April.
With unemployment rising to 3.9% and average hourly wages growing less than expected, according to the analyst you think that the Fed will be forced to turn on the money printers to support the job market.
“Terrible economic data -> DXY (US dollar index) lower, also will increase the case for QE (quantitative easing) and rate cuts and thus the rally in risk assets.
Bitcoin back [above] $61,600.
The FOMC (Federal Open Market Committee) marked the bottom for the markets and the altcoin bull market began.”
Looking at the market capitalization of all altcoins, the trader predicts that the alternative market will witness a period of consolidation before reaching new all-time highs.
“The total market capitalization of altcoins has generally bottomed out in this correction. I think $880-$920 billion is the area where it will stabilize, before we see a run to an all-time high on the horizon.”
Source: Michael van de Poppe/X
Even the analyst He says that the return of retailers is now in sight. He believes they will enter the cryptocurrency markets once altcoins make considerable gains.
“Retail isn’t even in the markets, while Bitcoin is around all-time highs.
When will they return?
It will probably be after this summer that altcoins will start to take off.
They contain altcoins, so when they start spinning, they come back.
This means you are still early.
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