Popular analyst Michael van de Poppe believes cryptocurrencies are poised for a market-wide rebound amid signs of slowing economic activity.
Van de Poppe told his 716,300 followers on social media platform
With unemployment rising to 3.9% and average hourly earnings growing less than expected, analysts Believe The Fed will need to fire up its money printers to support the job market.
“Horrible economic indicators -> DXY (US dollar index) decline, additional quantitative easing (QE) and the possibility of interest rate cuts increase, risky assets will rebound.
Bitcoin is back at $61,600 (above).
The FOMC (Federal Open Market Committee) hit a market low and the altcoin bull market began.”
Looking at the market capitalization of all altcoins, traders predict that the alt market will witness a period of consolidation before rebounding to new all-time highs.
“Overall altcoin market caps have generally seen the bottom of these corrections. “I think $880 billion to $920 billion is the area where we will stabilize before we run towards all-time highs.”
Analysts too Called The return of retailers is just around the corner. He believes that altcoins will enter the cryptocurrency market once they gain significant profits.
“While retail is not even on the market, Bitcoin is hitting new all-time highs.
When will they return?
It will probably be after this summer when altcoins start to rise.
They hold altcoins, so when they start spinning, they jump back in.
This means you’re still early.”
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