Renowned analyst Michaël van de Poppe believes that cryptocurrencies are preparing for a market-wide bull run amid signs of slowing economic activity.
Van de Poppe said on social media platform X that he is optimistic about the cryptocurrency after the US labor market failed to meet estimates in April.
With the unemployment rate rising to 3.9% and Medium hourly earnings growing less than expected, analysts believe the Federal Reserve will be forced to turn on the money printing press to support the job market. do.
“Terrible economic data -> DXY (US dollar index) falls, also, the case for QE (quantitative easing) and interest rate cuts will increase and thus risk assets will increase. Bitcoin back above $61,600. FOMC (US Federal Open Market Committee) creates a low in the market and an altcoin bull market begins.”
XEM the market Capital of all altcoins, the trader predicts the altcoin market will witness a period of consolidation before rising to a new all-time high (ATH).
“Total altcoin market Capital has generally bottomed Dip during this correction. I think $880-920 billion is the area where it will stabilize, before reaching the imminent ATH.”
Source: Michaël van de Poppe
The analyst also said that the return of retail traders is now in sight. He believes they will enter the cryptocurrency market once altcoins achieve significant gains.
“Retail is not even in the market, while Bitcoin is around All-Time-High. When will they come back? Perhaps it will be after this summer that altcoins will start to increase in price. They hold altcoins so when prices start to rise again, they jump in. This means it is still early.”
Anonymous trader The Crypto Dog said on social media platform X that he is optimistic about an Ethereum challenger and a pair of memecoins as the digital asset market recovers.
“Looks like NEAR, WIF and PEPE are my golden tickets right now.”
Regarding Near (NEAR), the analyst sold some of his Bitcoin and ETH holdings to accumulate the Ethereum rival.
“You may have seen me try Longing NEAR last month. Didn't work out due to the overall market pullback, but I still have a hunch that it will do better once we hit the Dip. I moved some spot ETH and BTC to NEAR earlier to hit new yearly highs. It's also Longing but it closes too early."
At the time of writing, NEAR is trading for $7.40.
Looking at PEPE, he said this memecoin looks strong on the three-day chart.
“A great chart.”
At the time of writing, PEPE is worth $0.0000084, down 2% in the past 24 hours.
As for FLOKI (FLOKI), traders point out this memecoin appears very bullish on higher time frames.
“Maybe I should look at FLOKI too, that chart is a miniaturized monster.”
At the time of writing, FLOKI is worth $0.00018, down 3% in the last 24 hours.
Source: The Crypto Dog
You can XEM the coin prices here.
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Minh Anh
Bitcoin Magazine
