Altcoins
Analyst Says Bottom Has Been Reached for Altcoin Markets, Predicts Crypto Rally Following Weak Economic Data
Popular analyst Michaël van de Poppe believes that the crypto is preparing for a market-wide rally amid signs of slowing economic activity.
Van de Poppe told his 716,300 followers on social media platform X that he was bullish on crypto after the US labor market missed estimates in April.
As unemployment reaches 3.9% and the average hourly wage increases less than expected, the analyst believes that the Fed will be forced to use money printers to support the labor market.
“Terrible economic data -> DXY (US dollar index) falling, plus the case for QE (quantitative easing) and rate cuts will increase and therefore risk assets will rebound.
Bitcoin back [above] $61,600.
The FOMC (Federal Open Market Committee) was the lowest for the markets and the altcoin bull market began.
Looking at the market capitalization of all altcoins, the trader predicts that the alt market will experience a period of consolidation before rebounding to new all-time highs.
“The total altcoin market cap has generally seen the bottom of this correction. I think it’s between $880 billion and $920 billion that silver will stabilize, before a race to the all-time high looms on the horizon.”
Source: Michaël van de Poppe/X
The analyst also said that the return of retail traders is now in sight. He believes they will enter the crypto markets once altcoins generate significant gains.
“Retail is not even present in the markets, while Bitcoin is hovering around its all-time highs.
When will they come back?
It will likely be after this summer when altcoins start to take off.
They hold altcoins, so when they start to turn around, they come back.
This means you are still ahead.
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Featured image: Shutterstock/YanaBu