Popular analyst Michael van de Poppe believes that cryptocurrencies are gearing up for a market-wide rally amid signs of a slowdown in economic activity.
Van de Poppe told his 716,300 followers on social media platform X that he is bullish on cryptocurrencies after the US labor market fell short of expectations in April.
Analysts said this as the unemployment rate rose to 3.9% and average hourly wage growth was slower than expected. believe The Fed will be forced to run the money printing presses to support the job market.
“Risk-on assets will rise as DXY (USD index) falls and the need for further QE (quantitative easing) and interest rate cuts increases.”
bitcoin back [above] $61,600.
The FOMC (Federal Open Market Committee) was a low for the market and the altcoin bull market has begun. ”
Looking at the market capitalization of all altcoins, traders predict that the alt market will go through a period of correction before rising to new all-time highs.
“Altcoin market cap as a whole has hit the bottom of this correction. I think $880 billion to $920 billion is the area where it will stabilize before rallying towards all-time highs.”
Analyst too To tell This means that we are beginning to see a revival of retail traders. He believes that if altcoins record significant gains, they will enter the crypto market.
“Retail is not even on the market, while Bitcoin is near all-time highs.
When will they come back?
It will probably be after this summer that altcoins start to rise.
They have altcoins, so as soon as they start to change direction, they will come back.
That means it's still early. ”
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