Cryptocurrency analyst Michaël van de Poppe is optimistic about the future of the crypto market, foreseeing a marketwide rally amidst indications of economic slowdown. With the US labor market falling short of expectations in April, resulting in a rise in unemployment and lower-than-anticipated wage growth, van de Poppe believes that the Federal Reserve will have no choice but to implement quantitative easing measures to support the job market. He predicts that this will lead to a decline in the US dollar index (DXY) and an increase in risk-on assets, ultimately driving Bitcoin’s price above $61,600.
Furthermore, van de Poppe argues that the recent Federal Open Market Committee (FOMC) meeting marked a turning point for the altcoin market, signaling the start of a bull market. He suggests that altcoins will experience a consolidation period before surging to new all-time highs. The analyst estimates that the total altcoin market capitalization will stabilize between $880 billion and $920 billion before embarking on a bullish run.
In addition, van de Poppe predicts the return of retail traders to the crypto market, particularly once altcoins demonstrate substantial gains. He expects retail investors to re-enter the market after the summer season, as altcoins gain momentum. As retail investors typically hold altcoins, van de Poppe believes that their re-entry into the market will further fuel the rally.
It’s important to note that the opinions expressed by van de Poppe are not investment advice, and investors should conduct their own research before engaging in high-risk investments in cryptocurrencies or digital assets.
